Key Takeaways
- • PGIM Real Estate has secured $147.1M in capital commitments so far for PGIM Real Estate European Value Partners III, according to a January 24 SEC filing.
- • The third European value-add fund began raising capital on December 19, 2024, with pledges from four US investors to date.
- • Predecessor PGIM Real Estate European Value Partners II closed at $1.1B in 2021, according to media reports at the time.
- • PGIM Real Estate, the real estate arm of Prudential Financial's PGIM, reported $137B in AUM as of Q3 2024, per its website.
Summary
PGIM Real Estate has raised $147.1M in capital commitments for its third European value-add real estate fund, PGIM Real Estate European Value Partners III, according to a January 24 filing with the SEC. The offering began soliciting investors on December 19, 2024, and to date has secured pledges from four investors in the United States.
The fund's predecessor, PGIM Real Estate European Value Partners II, closed at $1.1B in 2021, according to media reports at the time. The new vehicle follows the same value-add strategy, which seeks appreciation-driven returns through the development and repositioning of properties across the US, Europe and Asia Pacific. Within this strategy, the European-focused vehicle purchased sites in 2024 for hotel developments in Tuscany and Veneto, Italy.
PGIM Real Estate is the real estate investment management business of PGIM, the primary asset management arm of insurance provider Prudential Financial. According to the firm's website, it had $137B of assets under management at the end of the third quarter of 2024.
The fund's predecessor, PGIM Real Estate European Value Partners II, closed at $1.1B in 2021, according to media reports at the time. The new vehicle follows the same value-add strategy, which seeks appreciation-driven returns through the development and repositioning of properties across the US, Europe and Asia Pacific. Within this strategy, the European-focused vehicle purchased sites in 2024 for hotel developments in Tuscany and Veneto, Italy.
PGIM Real Estate is the real estate investment management business of PGIM, the primary asset management arm of insurance provider Prudential Financial. According to the firm's website, it had $137B of assets under management at the end of the third quarter of 2024.
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