The assets are let to a mixture of 3PLs, distributors and local businesses, providing further diversification and bringing the combined portfolio occupancy to 93%.

The Tesco distribution centre in Thurrock, Essex, was acquired by Valor and QuadReal for £130 million in January 2025. At the time of purchase, it represented the UK’s largest single-transaction logistics transaction since 2022 and the largest single-asset transaction in the £4 billion Valor-QuadReal joint venture.

James Day, vice president, European Senior Debt Origination for PGIM’s real estate business, said: “This transaction builds on our longstanding relationship with Valor and QuadReal, and we’re pleased to continue our support of the joint venture. The additional financing reflects our confidence in the strategy and the strength of the UK logistics market, which remains a resilient sector underpinned by strong fundamentals and occupier demand.”

Miles Muthu, vice president Capital Markets, Valor Real Estate Partners, added: “This latest financing further strengthens our relationship with PGIM. Their continued support underscores the quality of our partnership and the strength of the portfolio we are assembling with QuadReal. These assets, located in key urban logistics markets, provide the diversification and resilience we target across the UK. Valor remains highly active in the market, and we are keen to continue deploying capital into the right opportunities as demand for modern, strategically located logistics space remains strong and is expected to grow in these undersupplied submarkets.”

Thomas Blangy, senior vice president at QuadReal, commented: “This transaction reflects the strength and quality of the portfolio we have built with Valor, and represents a vote of confidence in our approach. With increasing demand and limited supply, logistics remains a high-conviction sector for QuadReal, and the acquisition of these four assets is firmly in line with our global investment strategy of targeting high-growth urban logistics hubs in key markets across Europe and the UK.”

Through its comprehensive debt offering, PGIM’s real estate platform offers full access to investment opportunities within the capital stack in select markets, with US$131 billion under management or advisement in strategies ranging from senior loans secured by core stabilised property to enhanced credit and higher yielding products. 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets*, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

PGIM is the world’s third-largest real estate investment manager, with US$213 billion in gross assets under management and administration* and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

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.

ABOUT QUADREAL PROPERTY GROUP

QuadReal Property Group is a global real estate investment, development, and operating company headquartered in Vancouver, British Columbia. Its assets under management are CAD $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

*As of 30 June 2025. Net AUM is US$138 billion and AUA is US$47 billion. PGIM’s real estate business is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.

For media use only. All investments involve risk, including the possible loss of capital.

© 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 US 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; and PGIM Luxembourg S.A. and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.