PGIM raises $134m for first close of U.S. property fund

PGIM Real Estate, the real estate investment business of PGIM, has held a $134 million first close for its U.S. Property Fund (USPF) VI.

USPF VI is the sixth in a series of closed-ended funds investing in U.S. real estate and is anticipated to hold a final close in mid-2018. The initial round of capital included new and existing German institutional investors.

USPF VI will invest in primary and secondary markets in the U.S., including for-rent residential, retail, office, logistics and self-storage. It will leverage the strength of PGIM Real Estate’s globally integrated platform, including on-the-ground resources in the United States, as well as Germany and Luxembourg, and its extensive partner network.

“Healthy demand for U.S. real estate is supported by steady economic growth and limited supply continues to produce solid occupancy and rental growth,” said Kevin Smith, head of Americas at PGIM Real Estate. The fund provides investors the flexibility to in