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Q4 deals boost PGIM portfolio of European logistics loans

[Photo: Hannes Egler, Unsplash]

PGIM Real Estate has loaned about €273 million in the UK and Europe during the last quarter of 2020 as it continues to build up its European senior loan portfolio in the logistics and industrial sectors.

PGIM Real Estate, which is the real estate investment and financing business of US-based Prudential Financial, provided one loan of £31.95 million to refinance a multi-tenanted industrial and logistics property portfolio in the UK. It has also lent £95 million to refinance nine freehold logistics assets, also in the UK. And, it provided a €131.5 million loan to finance the acquisition of a light industrial and logistics portfolio in the Netherlands.

“We continue to strengthen our debt platform and build an attractive portfolio of senior loans in logistics and light-industrial, across the UK and Continental Europe. Using the global reach and expertise of PGIM Real Estate, we are able to execute transactions across the full spectrum of industrial assets, taking advantage of the strong positive long-term fundamentals and meeting investor demand for the asset class,” said Andrew Macland, head of European debt at PGIM Real Estate.

PGIM Real Estate’s European debt platform is £5 billion AUM, which includes a senior loan portfolio of over £4 billion AUM across the UK and Continental Europe.

Last month PGIM Real Estate appointed former INREV research director Henri Vuong as executive director and head of real estate debt investment research. Vuong works in PGIM Real Estate’s global investment research team, based in London, where she is to develop and lead on debt research across real estate markets, reporting to Peter Hayes, global head of investment research.

Henri Vuong.