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15 August 2016

PGIM Real Estate acquires Nuevo Sur Shopping Center in Monterrey, Mexico

MEXICO CITY, AUGUST 15, 2016 – PGIM Real Estate has acquired the Nuevo Sur® Shopping Center (“Nuevo Sur”), one of the first open-air lifestyle retail centers in Monterrey, Mexico, from MIRA®, a real estate investment and development company in Mexico. PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of U.S.-headquartered Prudential Financial, Inc. (NYSE: PRU)
PGIM Real Estate purchased the property on behalf of its Mexico retail investment program. Terms of the transaction were not disclosed.
The 34,149-square-meter Nuevo Sur lifestyle retail center is located in southern Monterrey along Revolución Avenue, a major highway providing access to southern and downtown Monterrey, and is in close proximity to the main campus of Mexico’s leading private university, Tecnológico de Monterrey. Nuevo Sur’s tenants include several national and international branded restaurants and retailers, a 16-screen, full-service luxury movie theater complex, an open-air auditorium and a park. 
“The lifestyle center’s unique live, work and play community with high-quality international retailers and restaurants, in a market with a dynamic economy and strong demographics, made Nuevo Sur an ideal investment for our retail investment portfolio in Mexico,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We continue to see opportunities for attractive risk-adjusted returns in the region, and this acquisition is consistent with PGIM Real Estate’s strategy in Mexico to invest in well-located, income-producing assets that will benefit from the community’s increasing retail demand.” 
Nuevo Sur is part of a mixed-use development project developed by MIRA that is expected to include approximately 2,600 residential units, 138 hotel rooms, more than 50,000 square meters of office space and more than 34,000 square meters of retail space upon completion.

PGIM Real Estate has been investing in Latin America since 2002, and today is one of the largest international real estate investment managers in the region with approximately $3 billion in gross assets under management as of March 31, 2016. With a dedicated team of approximately 70 professionals based in Mexico City, PGIM Real Estate manages country-specific strategies investing in industrial, residential, retail and mixed-use properties in Latin America on behalf of institutional investors. PGIM Real Estate has been a pioneer in the region, investing in Mexico’s emerging multifamily sector in 2009, and creating a publicly-traded FIBRA in 2013 by combining its industrial portfolio of funds to launch Terrafina, which has approximately $1.6 billion in gross assets under management as of March 31, 2016 and is externally managed by PGIM Real Estate.
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, 2016. 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
About PGIM
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 US$1 trillion in assets under management as of June 30, 2016. For more information, please visit
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2016, has operations in the United States, Asia, Europe and Latin America. Prudential’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., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit  
Brendan Duffy
phone: 973-802-5711
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