PGIM Real Estate has closed its seventh fund in its European flagship high-yield debt fund series, PGIM Real Estate Capital VII (PRECap VII), at €1.82 billion.

The close makes PRECap VII the largest European real estate debt fund of 2021. It attracted global demand from pension, insurance, sovereign wealth and private clients and has a focus on high-yield real estate debt opportunities in core liquid asset classes in the largest European markets, including the United Kingdom, Germany, France, Ireland, Netherlands, Spain and Italy.

The fund has already made several commitments, including a mezzanine loan to support a dozen logistics projects totalling more than €500 million across Italy; a preferred equity loan to finance £240 million (€284 million) of purpose-built student accommodation (PBSA) developments located in the United Kingdo