These transactions follow ASPF III’s final fund close with total capital commitments of EUR 580 million. ASPF III will invest in Asia Pacific real estate, including office, retail, residential and logistics, in both mature and emerging markets. Target markets are Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea.
“These four transactions demonstrate the depth of our market reach in Asia Pacific, and we will continue to seek compelling opportunities throughout the region to invest across the risk spectrum on behalf of our clients,” said Benett Theseira, managing director and head of Asia Pacific for PGIM Real Estate.
The transactions include:
- Wentworth Point, Sydney, Australia
- Subordinated debt facility to assist one of Australia’s largest private developers with the funding of a multi-stage development, including more than 1,100 pre-sold apartments.
- Award-winning waterfront project approximately 18 kilometers from Sydney’s central business district.
- Waterfront Place, Shanghai, China
- Acquisition of two grade-A office properties, with total area of 27,805 square meters of office space as well as underground parking, in an established mixed-use development.
- Chang Feng location, one of Shanghai’s more mature decentralized business districts, expected to benefit from the continuing expansion of the Shanghai central business district.
- Close proximity to 5-star hotel, shopping center and upcoming new metro line.
- Puchong Kinrara Development, Kuala Lumpur, Malaysia
- Joint venture with a Malaysian developer to develop a high-rise residential project.
- Two parcels of residential-zoned freehold land totaling around 9.5 acres will have more than 900 residential units and 25 retail units.
- Located in fast-growing middle-income suburban township of Bukit Jalil.
- Good transport links into Kuala Lumpur via four major highways and a light rapid transit station with a second line scheduled to open within walking distance in late 2016.
- A&F Ginza Building, Tokyo, Japan
- Acquisition of Abercrombie & Fitch Company’s flagship store comprising eleven stories across 2,131 square meters.
- Situated on the corner of Ginza 6-Chome on Chuo Dori, a prestigious retail street in Ginza, and the internationally recognized prime shopping district of Tokyo.
- Close to many international luxury brand boutiques and high-end domestic department stores, as well as the Matsuzakaya Department Store redevelopment, scheduled for completion in the first quarter of 2017.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM Inc., the global investment management business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $65.4 billion ($48.3 billion net) as of March 31, 2015. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.pgimrealestate.com.
PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents and had more than $1 trillion in assets under management as of March 31, 2015. For more information, please visit http://www.pgim.com.
About Prudential Financial
Prudential Financial, Inc., a company incorporated and with its principal place of business in the United States, is a financial services leader with more than $1 trillion of assets under management as of March 31, 2016, and has operations in the United States, Asia, Europe and Latin America. PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., the company’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/. PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.