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John Chartier
phone: 973-802-9829
30 August 2016

PGIM Real Estate Finance originates 10-year, AUD$165 million loan for landmark tower in Sydney, continues global expansion

SYDNEY, August 30, 2016 – PGIM Real Estate Finance, Inc., provided a 10-year, AUD$165 million (US$123 million) loan to finance 20 Martin Place, a landmark mixed-use tower in the heart of Sydney that serves as Apple Inc.’s Australian corporate headquarters, the company announced today. PGIM Real Estate Finance, among the largest commercial mortgage lenders in the United States,  is advised by affiliate PGIM, the global investment management businesses of U.S.-based Prudential Financial, Inc., (NYSE: PRU). The loan was closed under the name Pricoa Mortgage Capital, a PGIM brand name.
A landmark with a new commanding presence 
The financing was provided to an entity managed by Pembroke Real Estate, an international real estate advisor. This is PGIM Real Estate Finance’s third loan in Australia since the beginning of 2015 and the latest in a string of transactions outside of the U.S., including a first transaction in Spain. Also last year, the company closed a loan in Canada, re-entering that market after a 20-year hiatus.
“This transaction builds on our plans to expand our business internationally,” said David Durning, president and CEO of PGIM’s commercial mortgage lending business. “Our work on 20 Martin Place demonstrates our strategy of seeking out the right high-quality opportunities around the world. We look forward to continuing our relationship with Pembroke and to building new relationships, particularly throughout the Asia-Pacific region.”
20 Martin Place has now undergone an ambitious overhaul, transforming the 1970s-era tower with an environmentally sustainable design. After stripping the building down to its steel frame, Pembroke, working with local architects Crone Partners and international design team James Carpenter Design Associates, rebuilt 20 Martin Place, giving it a distinctive new look, marked by overlapping exterior glass panels. 
Luke Caffey, who leads PGIM Real Estate Finances effort to expand its Australian  platform, said, “We are excited to be a part of this unique project. The quality of the asset and the strong reputation of the borrower made this an extremely attractive transaction for us. The building’s prime location on a pedestrian thoroughfare right in the heart of Sydney’s central business district added to the appeal. And we were able to demonstrate our ability to provide long-term financing well beyond the WALE (weighted average lease expiry) for well-located, high-quality real estate.”
The 21-story, 19,200-square-meter (206,670-square-foot), mixed-use property was awarded a 6 Green Star Office As Built v3 rating from the Green Building Council of Australia for its environmental sustainability. The acquisition of the building marked Pembroke’s entrance to the Australian market in 2011. 
Matthew Knight, head of Australia, Pembroke Real Estate, said, “20 Martin Place is significant because it was our first property in Australia, adding to both the geographic and economic diversification to our global portfolio over the long term. Working with PGIM Real Estate Finance meant we benefitted from extremely competitive long-term financing, tailored to meet our specific needs. PGIM’s commercial insight and global perspective meant they could appreciate and underwrite the location and quality of the real estate. We now look forward to developing our relationship with PGIM throughout Asia-Pacific and the rest of the world.”
About PGIM Real Estate Finance, Inc. 
PGIM Real Estate Finance, Inc. is a trade name of The Prudential Insurance Company of America, a wholly owned subsidiary of the U.S. financial services firm Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate Finance’s investments in commercial mortgage loans are managed by the real estate finance business of PGIM. This PGIM unit is an international full-service, commercial and multifamily mortgage finance business with more than US$88.52 billion in assets under management and administration as of June 30, 2016. Leveraging a 140-year history of real estate finance, the real estate finance business of PGIM offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; PGIM Real Estate Finance’s general account; and other institutional investors. The real estate finance business of PGIM maintains a loan servicing portfolio of approximately US$86 billion as of June 30, 2016. For more information about the real estate finance business of PGIM, please 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 $1 trillion in assets under management as of June 30, 2016. For more information, please visit
About Prudential Financial, Inc.
Prudential Financial, Inc. (PFI), 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 June 30, 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 PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

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