PGIM Real Estate appoints head of Core Strategies to drive European growth
Rory Morrison will have strategic and operational oversight of PGIM Real Estate’s European Core, European Core Plus and UK Affordable Housing strategies.
PGIM Real Estate launches German micro-living platform
LONDON, 4 March 2025 – PGIM Real Estate has launched OmniLiv, a residential platform dedicated to developing and redeveloping micro-living properties for students and young professionals in Germany’s biggest cities. The platform is owned by PGIM Real Estate’s closed-ended European value-add strategy.
OmniLiv will focus on developing a portfolio of micro-living residential across the top seven German cities with a focus on Berlin, Munich and Frankfurt. The platform also has flexibility to partner with developers on projects. OmniLiv has already secured a strong pipeline of investments.
The rising population in urban areas and Germany’s growing international student market is providing a favourable backdrop to for-rent residential, including micro-living and student housing, especially in cities with high density and a growing young population. The platform aims to capture this demand from these young professionals and students, offering affordable, flexible and community-orientated living solutions in urban centers.
To run the platform, PGIM Real Estate is hiring a team of experienced specialists with strong expertise in acquisitions, developments and operations in micro-living and purpose-built student accommodation (PBSA) value-add investments in Germany. Rainer Nonnengaesser has been appointed to lead the platform. With over 20 years of experience, he joins from Amro Student Living where he was head of Northern Europe.
Nabil Mabed, head of France, Spain and Portugal and senior portfolio manager for the European value-add strategy, comments: “Undersupply in the living sector is chronic and, as one of the largest global investors in the living sector, we are noticing the needs of several demographic groups changing. OmniLiv focuses on meeting the changing needs of local residents in Germany by targeting supply-constrained locations. We are confident that with the team appointed, led by Rainer Nonnengaesser who has strong local expertise and knowledge, we can aim to generate strong rental growth and alpha for our investors.”
Rainer Nonnengaesser, managing director at OmniLiv, adds: “Lack of high-quality residential supply continues to drive investment opportunities across key cities in Germany. Backed by an experienced team and a strong initial deal pipeline, the platform has launched with strong momentum.”
Since its launch in 2015, PGIM Real Estate’s European value-add series has had a disciplined focus on Europe’s largest metropolitan markets, carrying out 35 transactions worth close to US$3 billion across the UK, Germany, France, Spain and Italy to date. More than 70% of these transactions were sourced off-market.
With US$212 billion in AUM, PGIM Real Estate is the third-largest real estate investment firm globally1.
ABOUT PGIM REAL ESTATE
With US$212 billion in gross assets under management and administration2, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing3, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 19 countries, our more than 1,450 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with US$1.38 trillion in assets under management4, PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialised expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
For media use only. All investments involve risk, including the possible loss of capital.
1 PGIM Real Estate is the third-largest real estate investment manager (out of 76 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ Top Real Estate Managers list published October 2023. This ranking represents global real estate assets under management by PGIM Real Estate as of 30 June 2023. Participation in the ranking is voluntary and no compensation is required to participate in the rankings.
2 As of 30 Sept. 2024, net AUM is US$132 billion and AUA is US$47 billion.
3 Includes legacy lending through PGIM’s parent company, PFI.
4 As of 31 Dec. 2024.
© 2025 PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. In the United Kingdom, information is issued by PGIM Private Alternatives (UK) Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Sector Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Private Alternatives (UK) Limited or PGIM Limited in reliance of provisions, exemptions, or licences available to either PGIM Private Alternatives (UK) Limited or PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 181389). These materials are issued by PGIM Luxembourg S.A., PGIM Limited or PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA. PGIM operates in various jurisdictions worldwide and distributes materials and/or products to qualified professional investors through its registered affiliates including, but not limited to: PGIM Real Estate (Japan) Ltd. in Japan; PGIM (Hong Kong) Limited in Hong Kong; PGIM (Singapore) Pte. Ltd. in Singapore; PGIM (Australia) Pty Ltd in Australia; PGIM Luxembourg S.A.; and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.
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