PGIM Real Estate has completed two transactions for logistics properties located across Nanjing, Shanghai and Langfang in China, together with its partner New Ease China, amounting to $323 million. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial.
Executed on behalf of the firm’s Asia Pacific core-plus investment strategy, the first transaction is the acquisition of a warehouse complex comprising 10 high-quality ambient single-story warehouses in Nanjing that was owned and developed by New Ease China, who will continue to co-own and undertake management of the asset. Currently 97 percent occupied, the complex was built to high specifications that meet the needs of ecommerce firms, third-party logistics providers (3PLs) and cold-chain operators.
The second transaction, executed on behalf of PGIM Real Estate’s Asia Pacific value-add strategy, is to acquir
