Investors - JUNE 17, 2016

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SBCERA to invest $25m European real estate debt fund

by Andrea Waitrovich

The San Bernardino County (Calif.) Employees’ Retirement Association is seeking to commit $25 million to Pramerica Real Estate Capital VI. Pramerica Real Estate Capital VI is sponsored by Pramerica Real Estate Capital, a division of PGIM Real Estate.

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.

PRECap Fund VI aims to raise £1 billion ($1.42 billin) and has raised £300 million ($425.91 million) to date.

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

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