PGIM Real Estate closes $295m in designated green financing

PGIM Real Estate has closed on $295 million in designated green financing on behalf of its flagship core real estate fund in the United States.

PGIM Real Estate’s U.S. core real estate fund has been an early leader in the green-financing space among other Open-End Diversified Core Equity (ODCE) index funds. Its commitment to ESG is evidenced by the fund’s continued five-star Global Real Estate Sustainability Benchmark (GRESB) rating. The fund strives to invest in sustainable properties and projects that contribute to PGIM Real Estate’s broader ESG objectives while creating favorable outcomes for investors.

The green proceeds from this financing are linked to PGIM Real Estate’s acquisition of West Edge, which closed in early 2022. West Edge is a recently constructed 39-story LEED-certified luxury apartment tower located in the heart of downtown Seattle. The building consists of 340 units and top-of-the-line amenities, including a lounge, fitness center and rooft