PGIM Real Estate raises $447m for Asia core fund

PGIM Real Estate, the real estate investment arm of the $1 trillion PGIM, has completed the initial close of the PGIM Real Estate Asia Core Fund, an open-end, diversified fund with $447 million in capital.

The fund has received commitments from a combination of American, Canadian, German, Swiss and Japanese investors.

The launch of Asia Core completes PGIM Real Estate’s global suite of core open-end real estate funds and follows the firm’s €304 million ($332 million) European Core Fund launched earlier this year, according to PGIM.

The Asia Core fund follows a diversified strategy with investments in major cities in Japan, Australia, Singapore, Hong Kong, South Korea and China, in the office, retail, industrial and residential sectors. Since its inception, the fund has already invested in a $290 million portfolio of four seed assets in Tokyo, Seoul and Sydney across the multifamily residential, office and retail sectors.

“Asia Core will capitalize