Investors - APRIL 2, 2014

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Pramerica launches fifth debt fund with APG

by Andrea Waitrovich

Pramerica Real Estate Investors and Algemene Pensioen Groep have launched Pramerica Real Estate Capital V, a debt vehicle to invest in the Netherlands.

Pramerica raised €265 million ($365 million) of discretionary capital of which the majority is provided by APG, a €345 billion ($475 million) pension fund manager in the Netherlands. APG has been an investor in all of the firm’s funds in the series.

The strategy for PRECap V is to build up a diverse junior debt and preferred capital portfolio, secured against commercial real estate assets located in the Netherlands, with a partial allocation to Belgium.

“The Netherlands is at an attractive point in the cycle, earlier in the recovery phase than the United Kingdom, and there is less competition in the lending market compared to other co

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