Deal Watch

Highlighting recent transactions that show how we invest with conviction globally across sectors and strategies

2025 Transactions 2Q26 Deal Highlights

$32B

Transactions, full-year 2025 info info_outline keyboard_control_key arrow_drop_up

6,100+

Owned and financed properties info info_outline keyboard_control_key arrow_drop_up

56

Year Track Record Real Estate Investment Experience info info_outline keyboard_control_key arrow_drop_up

The biggest risk in today’s market is staying on the sidelines, and our recent transactions show how we are leaning in. Focused on everyday life sectors and selective market opportunities, we believe that we are capitalizing on a compelling investment vintage. With market momentum returning, albeit unevenly, we are targeting opportunities where repricing and dislocation are creating attractive entry points. 

Our approach is highly selective, deploying capital where local insight, sector expertise, and execution capabilities can unlock value. This reflects our conviction in creating long-term value through living space and the urban infrastructure that underpins modern cities.

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There will never be a risk-free moment. That’s exactly why high-quality real estate matters more in portfolios today—providing durable income, growing that income, and serving as a stabilizing anchor when day-to-day public market volatility is elevated

Cathy Marcus, Co-Head and Global COO, Real Estate

GLOBAL TRANSACTIONS BY PROPERTY TYPE, FULL YEAR 2025

Equity

Percentage of acquisitions and dispositions.

Real estate sector allocation
Donut chart of real estate sector allocationLiving is the largest allocation at 45 percent, followed by Industrial at 17 percent, Office at 16 percent, and Retail at 13 percent. Use Tab to enter the chart and arrow keys to move between segments.

No sector selected. All nine sectors are shown.

View chart data as a table
Reported sector allocation percentages
SectorAllocation
Living45%
Industrial17%
Office16%
Retail13%
Digital Infrastructure4%
Hospitality3%
Other*2%
Land1%
Storage1%

The reported rounded percentages total 102%. The donut geometry is normalized across the reported values while every displayed label retains the source percentage.

Debt

Percentage of loans, including agency loans.

Real estate sector allocation
Donut chart of real estate sector allocationLiving is the largest allocation at 63 percent, followed by Industrial at 20 percent, Retail at 6 percent, and Agriculture at 6 percent. Use Tab to enter the chart and arrow keys to move between segments.

No sector selected. All eight sectors are shown.

View chart data as a table
Reported sector allocation percentages
SectorAllocation
Living63%
Industrial20%
Retail6%
Agriculture6%
Hospitality2%
Storage2%
Office1%
Other*1%

The reported rounded percentages total 101%. The donut geometry is normalized across the reported values while every displayed label retains the source percentage.

Data as of December 31, 2025.

*Other includes healthcare, education, parking and ground leases.

3Q26 Deal Highlights

Asia Pacific

Asia Pacific Deal Highlights – No Close Icons
Nishinomiya, Japan logistics property

Logistics

Nishinomiya, Japan
Value-Add
Acquired: July 2026

Sydney, Australia retail property

Retail

Sydney, Australia
Value-Add
Acquired: September 2026

Europe

Europe Deal Highlights
Munich, Germany digital infrastructure property

Digital Infrastructure

Munich, Germany
Value-Add
Loan Closed: July 2026

Various Locations, Germany retail property

Retail

Various Locations, Germany
Core
Acquired: September 2026?

London, UK logistics property

Logistics

London, UK
Whole Loan - Development Financing
Acquired: August 2026

Americas

Americas Deal Highlights
Various Locations, U.S. self storage property

Self Storage

Various Locations, U.S.
Senior - Bridge Financing
Acquired: July 2026

North Carolina, U.S. living, multifamily property

Living, Multifamily

North Carolina, U.S.
Senior - Bridge Financing
Acquired: July 2026

Various Locations, U.S. healthcare property

Healthcare

Various Locations, U.S.
Core Plus
Loan Closed: August 2026

¹ Source: CBRE Q2 2026 Tijuana Industrial MarketView Report.

The deal information and images featured above are for illustrative purposes only. These represent transactions made between April 1, 2026 and June 30, 2026. They were chosen as selected examples of PGIM’s real estate business transaction activity during this period across a range of geographies and a range of equity and debt strategies. There can be no assurance that PGIM’s real estate business will be able to acquire similar properties in the future, or that future acquisitions will be profitable or on similar terms. A complete list of the strategies which include these investments are available upon request. Investors cannot participate in direct ownership of the properties listed.

Digital Infrastructure

Digital Infrastructure

Munich, Germany
Value-Add
Loan Closed: July 2026

Acquisition of a newly developed logistics facility in Nishinomiya, Japan following a prior forward purchase agreement.

Explore Strategy

Retail

Retail

Sydney, Australia
Value-Add
Acquired: September 2026

Joint venture with a leading retail operator to acquire a modern retail and entertainment destination in Edmondson Park.

Explore The Strategy
Retail

Sydney, Australia

Value-Add, Acquired: September 2026
Retail

Sydney, Australia

Value-Add, Acquired: September 2026

Joint venture with a leading retail operator to acquire a modern retail and entertainment destination in Edmondson Park.

Explore The Strategy