The seventh fund in PGIM Real Estate’s European flagship high yield debt fund series, PGIM Real Estate Capital VII (PRECap VII), has closed on €1.82 billion (£1.53bn/US$2.07bn), the largest European real estate debt fund closed in 20211 . PGIM Real Estate is the real estate investment and financing business of PGIM, the US$1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s European debt platform provides alternative financing, including senior debt, whole loans and mezzanine with co-invest equity. The platform has completed over €10 billion across over 180 senior and high yield debt investments in UK and Continental Europe, through its PRECap series of funds, as well as its senior debt strategy, which also recently closed a global mandate of €1 billion from a European investor.
PRECap VII has a disciplined focus on high yield real estate debt opportunities in core liquid asset classes, in the largest European markets including the UK, Germany, France, Ireland, Netherlands, Spain and Italy. With a research driven approach, the strategy takes advantage of increasing opportunities driven by continuing regulatory change in the banking sector combined with the growing demand from borrowers for alternative sources of funding across the capital stack from large scale institutional partners.
Read the full press release at the link below