NEWARK, N.J., June 17, 2025 – PGIM Real Estate has completed three property acquisitions, located in Minnesota, New Jersey and Washington, for a total of $346.9 million on behalf of the PGIM Private Real Estate Fund, Inc., the firm’s tender offer REIT registered under the Investment Company Act of 1940 that provides access to private real estate for individual investors. The transactions reflect PGIM Real Estate’s view that real estate markets are in recovery.

“The real estate market recovery is gaining significant momentum, coming back from a steep value correction across property sectors,” said Darin Bright, head of U.S. core-plus investment strategies at PGIM Real Estate and senior portfolio manager for the PGIM Private Real Estate Fund. “We believe commercial real estate values bottomed in mid-2024, and we’ve since been taking advantage of a limited window of opportunity to deploy capital at the bottom of the cycle. We believe the real estate market will continue to benefit from positive fundamentals, driven by long-term demographic trends and particularly strong demand in the logistics and living sectors.”

PGIM Real Estate has been bullish on the global logistics sector since 2010. PGIM Real Estate believes e-commerce as well as a reconfiguration in supply chains continue to significantly increase demand for well-located distribution centers, thereby creating compelling opportunities for investors.

In addition, PGIM Real Estate believes the U.S. housing shortage, rising home ownership costs and a construction slowdown are expected to continue putting upward pressure on rental rates. The supply-demand imbalance coupled with a value reset presents an attractive entry point across all segments of the living sector.  

The fund has entered into a joint venture partnership with Ryan Companies to acquire 2601 4th Avenue East in Shakopee, Minnesota, an 855,000-square-foot distribution facility that serves as Amazon’s anchor fulfillment center in the Minneapolis metropolitan area, for a purchase price of $100.7 million.

In North Brunswick, New Jersey, the fund acquired 1735 Jersey Avenue, a 358,000-square-foot fully leased industrial building, in partnership with Taconic Partners for a purchase price of $77.8 million.

Lastly, the fund closed on a $168.4 million gross investment of a 34-acre, 570-unit residential community in partnership with the Post Real Estate Group. The property is located in Mill Creek, Washington, approximately 20 miles north of Seattle.

PGIM Private Real Estate Fund seeks to provide current income and long-term capital appreciation through a diversified portfolio of private real estate investments. The fund is accessible via an investor-friendly, daily-priced quarterly tender offer REIT structure, thereby providing individual investors expanded access to privately sourced real estate opportunities. The fund is managed by PGIM Investments LLC and subadvised by PGIM Real Estate, a top-three global real estate investment manager with $210 billion in assets under management.

Soultana Reigle, PGIM Real Estate’s head of U.S. equity and senior portfolio manager for U.S. value-add strategies, commented: “The vast majority of real estate is bought and sold in private markets. Historically, the funds that invest in these opportunities have only been accessible to institutions. We’ve run investment strategies for institutional investors for five decades, and this fund is part of a wider strategy to bring that knowledge and experience to individual investors. We believe these investors typically allocate very little to private markets and have relatively few options to invest in private real estate vehicles versus public equivalents. As familiarity and comfort with private markets grow among individual investors, we anticipate the appetite for funds such as ours to grow significantly.”

ABOUT PGIM REAL ESTATE

PGIM Real Estate is the world’s third-largest real estate investment manager, with $210 billion in gross assets under management and administration,1 and real estate professionals located in 35 cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions.

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. We strive to integrate sustainable best practices throughout our investment, asset management, risk and talent management processes for the benefit of our clients, employees, and the communities in which we operate. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. of the United States (NYSE: PRU). For more information visit pgimrealestate.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 19 countries, our more than 1,450 investment professionals serve both retail and institutional clients around the world.

As a leading global asset manager with $1.39 trillion in assets under management,² PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information visit pgim.com.

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 PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities and real estate.

¹ As of March 31, 2025. Net AUM is $136 billion and AUA is $47 billion. PGIM Real Estate 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. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

² As of March 31, 2025.

PGIM is the primary asset management business of PFI. PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor.

Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investing in the PGIM Private Real Estate Fund involves certain risks and may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its investment strategy because of market, economic, regulatory, geopolitical and other conditions. The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s current Prospectus and Statement of Additional Information.

The Fund invests in:

-        real estate investments, which pose certain risks related to overall and specific economic conditions as well as risks related to individual property, credit, and interest-rate fluctuations;

-        commercial real estate industry, which is dependent upon broad economic conditions;

-        residential real estate industry, which is subject to various changes in real estate conditions, and any negative trends in real estate conditions may adversely affect the Fund’s investments through decreased revenues or increased costs;

-        mezzanine loans that take the form of subordinated loans secured by a pledge of the ownership interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property;

-        commercial mortgage-backed securities (“CMBS”), which are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans, and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal;

-        residential mortgage-backed securities (“RMBS”), which are subject to the risks of defaults, foreclosure timeline extension, fraud, home price depreciation, and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the underlying residential mortgage loans;

-        fixed income investments, which are subject to issuer, credit, market and interest rate risks (including duration risk, prepayment risk, and extension risk), and which will decline in value as interest rates rise;

-        high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default, and which may pay interest under mortgages or credit facilities, and receive interest payments on certain of its real estate-related securities, based on the London Interbank Offered Rate (“LIBOR”), which is the subject of recent national, international and regulatory guidance and proposals for reform;

-        derivative securities, which may carry increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements and be subject to other risks such as market, credit, counterparty, leverage and liquidity risks;

-        mortgage loans, which are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single-family residential property;

-        and non-U.S. investments, which are subject to currency fluctuation, political uncertainty, and different regulatory standards than those of U.S. companies.

The Fund is a recently organized, non-diversified, closed-end management investment company with a limited history of operations or public trading and is subject to all of the business risks and uncertainties associated with any new business. As a result, prospective investors have a limited track record and history on which to base their investment decision.

The Fund is subject to illiquid investment risk, in which many of the Fund’s investments will be illiquid, including the Fund’s real estate investments; liquidity risk, in which the Fund is designed primarily for long-term investors and an investment in the Fund’s Common Stock should be considered illiquid; and prime single tenant risk, in which the Fund’s revenue is dependent on the success and economic viability of its tenants. This offering is being made on a “best efforts” basis, meaning the Distributor and broker-dealers participating in the offering are only required to use their best efforts to sell shares and have no firm commitment or obligation to sell any of the shares. There is no guarantee that the Fund’s objective will be achieved or that dividends or distributions will be paid.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Real Estate is a unit of PGIM, a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Real Estate, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional.

4582126

REF ID 018577

PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of 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 advisor registered with the U.S. 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 authorized 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 authorized 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 licenses 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 authorized and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorized 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; PGIM Luxembourg S.A.; and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.

The brand “PGIM Real Estate” encompasses both (1) a fund advisory business headquartered in Newark, New Jersey, which operates as a business unit of PGIM, Inc., an SEC-registered investment advisor organized as a New Jersey corporation (“PGIM”), under the name “PGIM Real Estate,” and (2) a commercial real estate debt origination and advisory platform which operates through a separate, affiliated legal entity known as PGIM Real Estate Finance, LLC (“PGIM REF”), a Delaware limited liability company. Several officers of PGIM REF are also associated with PGIM, Inc., and, from time to time, may provide services to PGIM Real Estate in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF.