Key Takeaways
- • David Fassbender will become head of Asia Pacific at PGIM Real Estate effective 1 July, succeeding Benett Theseira, who is retiring after 15 years at the firm, according to a company statement issued on Tuesday.
- • Fassbender, who was named deputy head of Asia Pacific less than a year ago, has been based in Tokyo since being named head of Japan in 2024 and will remain there in the new role.
- • Fassbender will continue to oversee the Asia Pacific value-add strategy, established in 2003, which has completed over $21 billion in transactions across nine markets and now has its fifth closed-end vehicle active.
- • PGIM Real Estate's regional pipeline includes the pending sale of 78 Shenton Way in Singapore, a value-add asset held for more than $468 million, and the $95.2 million acquisition of 51 Tuas View Link with Northstar Capital.
Summary
PGIM Real Estate, the property division of Prudential Financial's investment management business, has named David Fassbender head of Asia Pacific, effective 1 July. The company announced the appointment in a statement on Tuesday. Fassbender succeeds Benett Theseira, who is retiring after 15 years at PGIM Real Estate and has been based in Singapore since 2011, when he was named head of Asia Pacific at Prudential Real Estate Investors. That business was rebranded as PGIM Real Estate in 2016.
Fassbender first joined PGIM Real Estate's predecessor, Pramerica Real Estate International, in Munich in 2002. He was named head of Southeast Asia in 2011. The company cites his experience managing both open- and closed-ended real estate funds, as well as his work in asset management and transactions. PGIM credits him with a pivotal role in developing the firm's flagship Asia Pacific value-add strategy, established in 2003, which has completed more than $21 billion in transactions across nine markets. Cathy Marcus, co-head and global chief operating officer for real estate at PGIM, said Fassbender's track record positions him to advance the firm's regional ambitions and guide investors through the next market cycle.
Fassbender relocated to Tokyo from Singapore after being named head of Japan in 2024 and will remain based there. In his new role he will continue to oversee the value-add strategy and the firm's other real estate investment mandates across the region.
The appointment comes as PGIM Real Estate pursues several regional transactions. According to Mingtiandi, the firm was reported in January to be in due diligence with Robert Kuok's Allgreen Properties on the sale of 78 Shenton Way in Singapore, a value-add asset held for more than $468 million. In June of last year, PGIM sold three remaining floors of an office project on Singapore's Robinson Road for over $43 million, having acquired the building under its value-add fund in 2021. In February, the firm teamed with industrial specialist Northstar Capital to acquire 51 Tuas View Link in Singapore for $95.2 million, with plans to develop a logistics facility of 1.1 million square feet of gross floor area. PGIM also recently bought an industrial site west of Melbourne for a data centre campus on behalf of its inaugural Global Data Center Fund. In mid-2025, the firm and Sydney-based Assembly Funds Management acquired Woodgrove Shopping Centre in Melbourne's western suburbs from the Queensland Investment Corporation for $286 million.
Fassbender first joined PGIM Real Estate's predecessor, Pramerica Real Estate International, in Munich in 2002. He was named head of Southeast Asia in 2011. The company cites his experience managing both open- and closed-ended real estate funds, as well as his work in asset management and transactions. PGIM credits him with a pivotal role in developing the firm's flagship Asia Pacific value-add strategy, established in 2003, which has completed more than $21 billion in transactions across nine markets. Cathy Marcus, co-head and global chief operating officer for real estate at PGIM, said Fassbender's track record positions him to advance the firm's regional ambitions and guide investors through the next market cycle.
Fassbender relocated to Tokyo from Singapore after being named head of Japan in 2024 and will remain based there. In his new role he will continue to oversee the value-add strategy and the firm's other real estate investment mandates across the region.
The appointment comes as PGIM Real Estate pursues several regional transactions. According to Mingtiandi, the firm was reported in January to be in due diligence with Robert Kuok's Allgreen Properties on the sale of 78 Shenton Way in Singapore, a value-add asset held for more than $468 million. In June of last year, PGIM sold three remaining floors of an office project on Singapore's Robinson Road for over $43 million, having acquired the building under its value-add fund in 2021. In February, the firm teamed with industrial specialist Northstar Capital to acquire 51 Tuas View Link in Singapore for $95.2 million, with plans to develop a logistics facility of 1.1 million square feet of gross floor area. PGIM also recently bought an industrial site west of Melbourne for a data centre campus on behalf of its inaugural Global Data Center Fund. In mid-2025, the firm and Sydney-based Assembly Funds Management acquired Woodgrove Shopping Centre in Melbourne's western suburbs from the Queensland Investment Corporation for $286 million.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.