The acquisition follows the fund’s recent conversion from a tender offer fund to an interval fund structure, completed on April 30, 2026. While still taxed as a REIT, PGIM, Inc., the fund’s subadviser, believes that the conversion offers new and existing shareholders a more transparent and predictable liquidity framework through mandatory quarterly repurchase offers. The fund continues to deliver on its investment objective of providing current income and long-term capital appreciation through a diversified portfolio of private real estate investments.  

“A sharp repricing in real estate and a slow, uneven recovery have set up a significant tailwind for the asset class,” said Soultana Reigle, head of U.S. Equity for PGIM’s Real Estate Investment Group. “Our real estate strategies invest in sectors tied to essential demand, including various housing formats and logistics, that persists through cycles regardless of the broader financial market backdrop. These stabilized real estate investments tend to generate resilient income with growth and lower volatility.”

PGIM’s Real Estate Investment Group is one of the world’s largest real estate investment managers, with $217 billion in gross assets under management and administration,³ and real estate professionals located in more than 30 cities worldwide. Through its full suite of real estate equity and debt solutions, PGIM aims to achieve exceptional outcomes on behalf of investors and borrowers. PGIM’s uncompromising commitment to building lasting relationships with clients is founded on trust, transparency, and mutual respect.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. 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.

¹ As of March 31, 2026.

² As of April 30, 2026.

³ As of March 31, 2026, AUM reflected as gross. Net AUM is $189 billion and AUA is $50 billion. PGIM Real Estate is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of June 30, 2025. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

PGIM Investments LLC (the “Manager” or “PGIM Investments”) serves as the investment manager to the Fund and has engaged its affiliate, PGIM, Inc. (the “Subadviser” or “PGIM”), as subadviser to provide day-to-day management of the Fund’s portfolio, primarily through the PGIM Real Estate Investment Group (“PGIM Real Estate”) and the PGIM Credit Investment Group (“PGIM Credit”). PGIM Real Estate, a manager of public and private real estate investing, is an investment group of PGIM. PGIM Credit is the public and private fixed income investment group of PGIM. PGIM Fixed Income, a manager of private and public fixed income investments, is an investment sub-group of PGIM Credit.

These materials are neither intended as investment advice nor an offer or solicitation with respect to the purchase or sales of any security or financial instruction. These materials are not intended to be an offer with respect to the provision of investment management services. 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, Inc., a registered investment advisor. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. All are Prudential Financial affiliates. © 2026 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 their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate

Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the fund.

Contact your financial professional for a prospectus. Read it carefully before investing. The Fund has a limited operating history and there is no assurance that the Fund will achieve its investment objective. This material must be read in conjunction with the Fund's prospectus in order to fully understand all the implications and risks of an investment in the Fund. This material is neither an offer to sell nor a solicitation of an offer to buy securities. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business. This material includes information pertaining only to PGIM Real Estate Fund, Inc. Any recipient of this material acknowledges that their receipt of the material is not an approval to market or offer interests in the Fund. An investment in the Fund may not be in the best interest of, or suitable for, all investors. Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are suitable for eligible, long-term investors who are willing to forego liquidity and put capital at risk for an indefinite period of time. There can be no assurance that PGIM's targets will be realized or that PGIM will be successful in finding investment opportunities that meet these anticipated return parameters. Returns will be lower after deduction of fees, expenses and taxes. Past performance is not indicative nor a guarantee of future returns. PGIM has not made any representation or warranty, expressed or implied, with respect to fairness, correctness, accuracy, reasonableness, or completeness of any of the information contained herein (including but not limited to information obtained from third parties unrelated to PGIM), and expressly disclaims any responsibility or liability therefor. PGIM has no responsibility to update any of the information provided in this summary document. Shares of the Fund may only be offered in jurisdictions where the Fund is authorized for distribution.

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