PGIM Real Estate has launched its first Australian real estate debt strategy.
The new strategy is on track to meet its target of A$750 million ($508 million) with a first close of approximately A$300 million ($203 million) and confirmed advanced commitments from several institutional investors that should see it surpass A$600 million ($407 million) in the next few months.
The first dedicated, commingled Australian real estate debt strategy for PGIM Real Estate aims to provide strong risk-adjusted returns and downside protection with an investment strategy focusing on senior development loans, gap financing and financing of transitional Australian real estate assets. The strategy is managed by an experienced portfolio management team led by Steve Bulloch, head of Australia and head of Asia Pacific Real Estate Debt, and Emma Jack, head of debt portfolio management in Asia Pacific at PGIM Real Estate.
Bulloch commented, “Driven by structural and cyclical factors,
