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PGIM Real Estate expands Asia Pacific rental housing portfolio

By Atiqah Mokhtar

/ EdgeProp Singapore |

September 19, 2023 10:10 AM SGT

Artist's impression of one of PGIM Real Estate's upcoming rental housing properties in Australia (Picture: PGIM Real Estate)

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Global asset manager PGIM Real Estate has bolstered ts rental housing investments in Asia Pacific (Apac) with strategic acquisitions and new projects in Australia, Mainland China and Hong Kong. The assets were acquired for its value-add, core and core-plus strategies in Apac.

“The living sector in Apac is significantly undersupplied, presenting strong growth potential for investors,” says Benett Theseira, head of Asia Pacific at PGIM Real Estate.

In Australia, PGIM Real Estate has acquired two properties in partnership with Point Capital, an Australian real estate, private equity, and funds management firm. These properties are situated in Brisbane and Sydney, with each comprising about 300 apartments. The joint venture's goal is to pursue additional projects of a similar scale, ultimately aiming for a portfolio comprising 1,250 to 1,500 apartments upon completion.

Read also: Occupancy limit for 4-room HDB flats increases to eight persons from Jan 22

In China, PGIM Real Estate has partnered with a local entity to purchase a 19-story purpose-built rental apartment building in Shanghai with more than 500 units. In Hong Kong, PGIM Real Estate acquired two hotels in 2022 — the 29-floor Weave Studios in Kowloon West and the 22-storey Dash Living on Hollywood Road on Hong Kong Island — and converted the assets into co-living apartments this year.

PGIM Real Estate’s recent acquisitions mark a strategic expansion into alternative markets for its Apac rental housing portfolio, which prior to this primarily comprised multifamily assets in Japan. “We expect the sector to provide the sustainable income and return investors seek in a volatile, inflationary environment,” Theseira remarks.

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