PGIM Real Estate, an investment firm unit of Prudential Financial, Inc., sees opportunity in Australian real estate debt as tighter regulation impacts Australian banks. This is especially true in areas like construction financing. Non-bank lenders such as PGIM and sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) sees opportunities in this space.
PGIM Real Estate had a first close of approximately A$300 million. The strategy is targeting A$750 million. This is the firm’s inaugural dedicated, commingled Australian real estate debt strategy for PGIM Real Estate is focused on senior development loans, gap financing and financing of transitional Australian real estate assets.
PGIM Real Estate confirmed advanced commitments from several institutional investors, which should see it surpass A$600 million in the next few months. PGIM hired Chris Briant as head of the institutional relationship group for Australia and New Zealand back in early 2024. Briant acts as a strategic adviser to PGIM’s institutional investor clients in Australia and New Zealand. Briant was most recently a managing director at Morgan Stanley Investment Management.
