PGIM Real Estate – the US-based firm formerly known as Pramerica Real Estate Investors – has achieved a final close for its Asia Fund III with a corpus of €580 million ($646.21 million) to invest across mature and emerging markets in the Asia Pacific.
PGIM RE’s investment will include office, retail, residential and logistics properties in target markets like Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea.
It has already deployed capital from the fund, completing four transactions in Sydney, Kuala Lumpur, Shanghai and Tokyo.
The real estate investment management business of Pramerica Financial has provided subordinated debt to assist the funding of a multi-stage development at Wentworth Point, Sydney.
It has also acquired two grade-A office properties at Waterfront Place, Shanghai, and purchased Abercrombie & Fitch Company’s flagship store in Tokyo.
In Malaysia, the firm established a joint venture with a developer for a high-rise residential project, Puchong Kinrara Development, in Kuala Lumpur.
“These four transactions demonstrate the depth of our market reach in Asia Pacific, and we will continue to seek compelling opportunities throughout the region to invest across the risk spectrum on behalf of our clients,”managing director adn head of Asia Pacific fo PGIM RE, Benett Theseira said.