PGIM Real Estate’s first Australian real estate debt strategy has raised A$300m (€187m) in the first close and is on track to meet its target of A$750m.
PGIM Real Estate’s head of Australia and head of Asia Pacific Real Estate Debt, Steve Bulloch said the strategy had confirmed advanced commitments from several institutional investors which should see it surpass A$600m in the next few months.
“With the strength of our global platform and a proven investment track record in Australia, PGIM Real Estate is well positioned to meet the projected demand for real estate debt.
“We expect to deploy in excess of US$1bn (€923m) over the next few years in Australia, across both traditional core senior debt and higher-yield debt,” Bulloch added.
The first dedicated Australian real estate debt strategy is focussed on senior development loans, gap financing and financing of transitional Australian real estate assets.
PGIM Real Estate has been investing in the Asia Pacific markets for nearly 30 years, with a strong presence on the ground in Australia since 2011. So far, the team has completed a total loan and transaction volume in excess of A$5bn.
To read the latest IPE Real Assets magazine click here.