PGIM Kicks Off Third European Value-add RE Fund, Following $1.1B Fund II

PGIM Real Estate has so far secured $147.1M in capital commitments for its third European value-add fund, according to a January 24 filing with the SEC.

Since its sale started on December 19, 2024, PGIM Real Estate European Value Partners III has secured pledges from four investors in the US. According to media reports at the time, its predecessor fund, PGIM Real Estate European Value Partners II, closed at $1.1B in 2021.

PGIM Real Estate is the real estate investment management business of PGIM, the primary asset management business of insurance provider Prudential Financial. According to its website, it had $137B of AUM as at the end of the third quarter of 2024.

Through its value-add real estate investment strategy, PGIM Real Estate aims to generate appreciation-driven returns to the development and repositioning of properties in the US, Europe and Asia Pacific. In 2024, its European-focused investment vehicle purchased sites for hotel developments in Tuscany and Veneto in Italy under this strategy.

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Written By: Dakota

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