PGIM Real Estate makes first acquisition for UK Affordable Housing Fund
PGIM Real Estate has made the first acquisition for its recently launched UK Affordable Housing Fund.
July 24, 2019 – PGIM has provided over $1.7 billion in core plus financing on behalf of institutional investors since launching its U.S. core plus lending strategy in late 2017. PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), has more than $1 trillion in assets under management and is a top-10 global money manager.
The total financings have been provided across 33 separate transactions, including over $563 million across 10 deals during the first half of 2019. Representative transactions include:
“This robust loan activity demonstrates the demand for core plus real estate financing and our ability to source debt investments that will provide predictable, low risk income to our investors,” said Steve Bailey, managing director and senior portfolio manager for PGIM’s real estate debt strategies.
Marcia Diaz, head of originations at PGIM Real Estate Finance, said, “Through these financings, borrowers are now able to position their assets to ensure they remain competitive properties in an ever-changing real estate world. We look forward to continuing this momentum by completing additional light transitional and bridge loans for all property types in primary and secondary markets.”