PGIM Real Estate acquires six-story industrial building in Singapore for US$55 million
Luxasia Building is one of Singapore’s prime industrial assets, with a location that has made it ideal for consumer product and lifestyle-oriented tenants.
NEWARK, N.J., Feb. 11, 2019 – PGIM Real Estate Finance originated a record $18.1 billion in financing in 2018 led by record production in multifamily and core-plus lending. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The company has as much as $18 billion available for financing in 2019 and will look to target growth in the agency business, industrial loans, international lending, and core-plus opportunities.
PGIM Real Estate Finance’s overall debt lending and agriculture investment production increased 22 percent over its prior-year totals. The increases included significant growth in the company’s agency lending business, international originations and core-plus lending.
2018 financing highlights include:
“In 2018, we broadened our recent focus on affordable and market rate apartment and industrial property loans to include an increased emphasis on higher yield loans to reflect secular trends around home ownership and ecommerce and increased investor appetite for higher income producing assets,” said David Durning, chief executive officer of PGIM Real Estate Finance. “In 2019, we expect strong commercial real estate fundamentals to continue, supported by steady economic growth and investor discipline, while continuing to focus on finding loans along the core to core-plus continuum in the U.S., Europe, Australia and Japan.”