PGIM Real Estate acquires six-building multifamily portfolio in Japan
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PGIM Real Estate raises nearly $1 billion for Senior Housing Partners VI
Feb 20, 2020
2 mins read
February 20, 2020 – PGIM Real Estate has completed its capital raise for Senior Housing Partners VI, with a total of $996 million in commitments, primarily from institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the $1.3 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
SHP VI is the latest in PGIM Real Estate’s series of dedicated closed-end funds designed to capitalize on investment opportunities in the senior housing sector, which continues to benefit from powerful demographic trends.
The SHP VI capital raise—the largest to date of the fund series—exceeded its $750 million target and included $570 million from existing institutional clients, in addition to $426 million from new institutional and high-net-worth investors. PGIM Real Estate partnered with affiliate PGIM Investments to offer SHP VI to high-networth investors.
“The strength of commitment to SHP VI is a testament to the market’s increasing recognition of the compelling demographic trends that are driving demand for senior housing across the U.S.,” said Steve Blazejewski, Senior Portfolio Manager for PGIM Real Estate’s SHP strategies. “As the sector continues to mature and interest in the property type broadens, PGIM Real Estate’s longstanding senior housing platform, track record and industry relationships provide investors access to a unique set of opportunities. Our consistent investment strategy and proven ability to deliver attractive returns driven by solid income have enabled us to earn the trust of new and existing investors and we look forward to meeting their objectives.”
PGIM Real Estate has been investing in the senior housing sector through its SHP series since 1998. Consistent with prior SHP funds, SHP VI will invest in the independent, assisted living and memory care segments of the seniors housing sector. The fund will employ a flexible investment strategy targeting direct acquisitions, developments, pre-sales and other opportunities.
“PGIM Real Estate was a pioneer in the senior housing sector and we’ve helped to shape the creation and evolution of the dedicated senior housing investment strategy over the past two decades,” said Cathy Marcus, Global Chief Operating Officer and Head of the United States for PGIM Real Estate.
Previous PGIM Real Estate SHP funds include: SHP I, which closed in 1998 with approximately $183 million in commitments; SHP II, which closed in 2001 with approximately $94 million in commitments; SHP III, which closed in 2006 with approximately $371 million in commitments; SHP IV, which closed in 2012 with approximately $569 million in commitments; and SHP V, which closed in 2015 with approximately $629 million in commitments.
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