PGIM Real Estate acquires 30-megavolt ampere data centre development near Munich, Germany
PGIM Real Estate has acquired a property north of Munich, Germany, suitable for data centre development, on behalf of its European value-add strategy.
Following the planned retirement of Kevin R. Smith, PGIM Real Estate has announced key Americas leadership roles for Cathy Marcus and Alfonso Munk effective January 1. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
Smith, most recently head of Americas at PGIM Real Estate, will retire in March 2018 after 36 years at the company. Marcus has been named head of the U.S. business, in addition to her role as global chief operating officer. Munk will continue in his role as Americas chief investment officer and will serve as head of Latin America.
Smith’s retirement and the succession plans were announced to investors in May 2017.
“Delivering superior investment performance and service to our clients hinges on our ability to effectively develop and promote our deep bench of talent. Cathy and Alfonso each bring significant real estate investment management experience and in-depth knowledge of our platform to their roles,” said Eric Adler, chief executive officer of PGIM Real Estate. “Throughout his nearly four-decade career at PGIM Real Estate, Kevin has served as a thoughtful and astute investor, partner and mentor, and embodied PGIM Real Estate’s client-centric culture and steadfast commitment to transparency and integrity. We thank Kevin for his tremendous contributions and wish him happiness in his well-deserved retirement.”
Since joining the company in 1998, Marcus has served in a range of transactions and portfolio management roles, including senior portfolio manager for PGIM Real Estate’s flagship core equity real estate fund. As head of the U.S. business, Marcus is responsible for the development and implementation of PGIM Real Estate’s strategy and operations in the United States, and has oversight of U.S. portfolio and asset management. She continues to globally oversee PGIM Real Estate’s business and investment operations in her capacity as global chief operating officer.
Munk joined the company in 2012 to help lead the Latin America business, and retained oversight of the day-to-day Latin America operations upon his appointment to Americas chief investment officer in 2015. Munk continues to oversee the U.S. and Latin America transactions teams in his capacity as Americas chief investment officer. As head of Latin America, Munk is responsible for the development and implementation of strategy and operations in Latin America, and has oversight of Latin America portfolio and asset management.
Supporting Marcus, Philip Barrett, PGIM Real Estate global chief investment risk officer, has assumed a new and expanded role managing the company’s day-to-day business and investment operations globally. Further, Len Kaplan, currently head of Customized Investment Strategies, was named global chief investment risk officer.
Adler continued, “I am confident that these collective leadership appointments will support our longterm business objectives, and enable PGIM Real Estate to continue to leverage the breadth of our global and on-the-ground regional resources on behalf of our clients.”
PGIM Real Estate has acquired a property north of Munich, Germany, suitable for data centre development, on behalf of its European value-add strategy.
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