has raised 鈧�457m for its first pooled European value-add fund.
The real estate investment business of , owned by Prudential Financial, has completed capital raising for its European Value Partners Fund with backing from institutional and high-net-worth investors.
The vehicle is the firm鈥檚 first pooled fund to target value-add opportunities in Continental Europe. PGIM has already made individual value-added investments in the region.
The fund will focus on Germany, France, Spain and Italy.
鈥淐ontinental Europe offers a compelling mix of value-add real estate opportunities resulting from market dislocation, a cyclical recovery and ongoing structural trends in the region,鈥� said Raimond Amabile, head of Europe for PGIM Real Estate and senior portfolio manager for the fund.
The fund, which is 25% invested, sold its first asset in July, an office building in the Paris district of Neuilly-sur-Seine. PGIM bought the 15,000sqm asset in July last year.
鈥淲e will continue to source compelling investment opportunities for our investors with the aim of creating significant value through tailor-made asset management,鈥� Amabile said.
The fund owns a portfolio of 26 properties in western Germany and three office buildings in Munich office submarkets.
