Fundraising - JUNE 17, 2016

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PGIM Real Estate raises £300m for European debt fund

by Andrea Waitrovich

Pramerica Real Estate Capital, a division of PGIM Real Estate, has raised £300 million ($425.91 million) for Pramerica Real Estate Capital VI.

The value-added European fund has an equity fundraising target of £1 billion ($TK billion). The firm expects to hold a final close in fourth quarter 2016.

PRECap Fund VI will pursue a similar strategy to its predecessor funds, investing in junior debt and preferred equity capital. Investments will be secured primarily by office, industrial, retail and residential assets in Western European markets, specifically the United Kingdom and Germany. The fund also may invest selectively in hotels and healthcare. Investments will be made to finance acquisitions, refinance existing debt or to target single-loan acquisitions.

The fund’s value-add strategy may include uses such as paying down debt, renovating or developing assets, and stabilizing occupancy. Of the eight recent transactions executed during

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