PGIM Real Estate enters joint venture in U.K. industrial and logistics

PGIM Real Estate has entered into a joint venture with Kier Property, on behalf of its closed European value-add strategy, European Value Partners II, to develop a portfolio of light industrial and last-mile urban logistics warehouses across the United Kingdom.

PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management businesses of U.S.-based Prudential Financial. Kier Property is part of Kier Group, a leading provider of infrastructure services, construction and property developments.

The venture will have £400 million (€477 million/$544 million) of capital to deploy and will seek to acquire sites in key urban areas and strategic logistics locations to develop them under Kier’s successful Logistics City and Trade City brands. Kier Property has an excellent development track record in the industrial sector, having delivered more than 6 million square feet of industrial floorspace across 48 schemes