PGIM holds £1b final close for debt fund
PGIM Real Estate has held a £1.01 billion ($1.26 billion) final close for Pramerica Real Estate Capital VI, according to a filing with the SEC. The firm did not comment on its fundraising efforts. Pramerica Real Estate Capital VI, which opened in first quarter 2016, is a value-added European real estate fund. The fund had raised £300 million ($425.91 million) in June 2016, according to a filing. PRECap Fund VI will pursue a similar strategy to its predecessor funds, investing in junior debt and preferred equity capital. Investments will be secured primarily by office, industrial, retail and residential assets in Western European markets, specifically the United Kingdom and Germany. The fund also may invest selectively in hotels and healthcare. Investments will be made to finance acquisitions, refinance existing debt or to target single-loan acquisitions.