PGIM has provided a €325 million (approximately $383 million) senior loan to refinance a grocery-anchored, geographically diversified retail portfolio across Germany for Centerscape.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $216 billion in assets under management and administration globally.
CenterScape was founded by Evergreen Investment Advisors in 2007 as a specialized grocery-anchored retail platform.
Completed on behalf of PGIM’s senior debt platform, the loan combines fixed- and floating-rate components to refinance a portfolio of 85 assets. The properties are distributed across most German federal states, with the majority of assets located in densely populated areas such as Rhein-Ruhr, Greater Berlin, Rhine-Main, Greater Munich and Hannover-Braunschweig-Göttingen-Wolfsburg. The portfolio has a well-diversified tenant base, with major tenants including the largest German grocery retailers.
