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PGIM Real Estate to raise over US$1 bil for APAC real estate investment

/ EdgeProp Singapore |

January 29, 2021 6:25 PM SGT

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SINGAPORE (EDGEPROP) - PGIM Real Estate, the real estate investment and financing business of global investment manager PGIM, announced that one of its investment vehicles is on track to raise over US$1 billion ($1.33 billion) in capital to fund its future Asia-Pacific real estate investments. PGIM manages assets worth US$1.4 trillion as the global investment management business of Prudential Financial.

Read more: APAC Realty, operator of ERA property agency, in IPO to raise $58.2 mln

The particular fund leading the capital raise is called AVP IV and it is the fourth in PGIM Real Estate’s series of Asia Pacific value-add funds. It has already raised US$970 million and is in advanced discussions for additional commitments to raise the remaining amount.

This capital raise “far exceeds” the original capital target as its investors see a significant recovery in the region’s recovery from the Covid-19 pandemic, says PGIM Real Estate. “The successful fund raise demonstrates continued confidence in our platform’s ability to deliver attractive risk adjusted returns and the belief that the Asia Pacific region is poised to lead the global recovery from the Covid-19 crisis,” says Benett Theseira, head of Asia Pacific, PGIM Real Estate.

AVP IV will invest this new capital into real estate assets including offices, logistics residential, and retail properties in mature and emerging markets, the fund manager says.

PGIM Real Estate has carried out over 60 real estate investment transactions over the past 17 years. It is exposed to various acquisitions and developments worth more than US$7 billion and the series funds in the Asia Pacific have raised close to US$3.7 billion in capital across its four funds.

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