PGIM Real Estate has launched its first Australian real estate debt strategy and completed a first close of approximately A$300 million ($202 million). The strategy is targeting A$750 million ($506 million)
This first dedicated, commingled Australian real estate debt strategy for PGIM Real Estate is focused on senior development loans, gap financing and financing of transitional Australian real estate assets. PGIM Real Estate confirmed advanced commitments from several institutional investors, which should see it surpass A$600 million ($405 million) in the next few months, are in the pipeline.
“Driven by structural and cyclical factors, the long-term opportunities in Australian real estate debt are currently very compelling for investors,” said Steve Bulloch, head of Australia and head of Asia Pacific real estate debt, who co-manages the strategy alongside Emma Jack, head of debt portfolio management in Asia Pacific. “The real estate market in Australia has been
