PGIM Real Estate raises €304m for new Eurocore fund
PGIM Real Estate has raised €304 million ($338 million) in capital commitments for its newly-launched European Core Diversified Property fund (Eurocore).
The fund received capital commitments from six investors.
“Europe still offers attractive investment opportunities — especially in office markets with a low vacancy rate and in logistics real estate with short-term growth potential,” said Raimondo Amabile, head of Europe for PGIM. “Also housing markets generate growth while stabilizing the portfolio.”
The fund will reportedly invest mainly in defensive core strategies in European metropolitan regions — primarily in Germany and France. The portfolio currently includes five office and logistics properties in those countries.
“By consistently applying our transparent and defensive global investment philosophy to the European market, we aim for long-term outperformance with low volatility and cash flow diversification,” said Thomas Kallenbr