PGIM Real Estate provides $292m financing for West Coast retail portfolio

As part of a $584 million co-investment, PGIM Real Estate has provided $292 million in floating rate financing on behalf of its U.S. core lending strategy to Global Retail Investors for the acquisition of a retail portfolio spread across California and Oregon. PGIM Real Estate is the $206.8 billion real estate investment and financing business of PGIM.

The portfolio consists of 16 shopping centers across the West Coast, with 14 properties  in California, from the Bay Area to Southern California and Sacramento. The remaining two properties are in Oregon. This retail portfolio is comprised primarily of high-performing grocery-anchored centers and totals over 2.2 million square feet. With the funding, Global Retail Investors plans to implement a business plan that capitalizes on improving retail fundamentals while also enhancing the portfolio through active management, including new accretive leasing and long-term extensions of major tenants.

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