PGIM’s short term goal €1bn for new core fund
PGIM Real Estate has launched an open-ended European core real estate fund and has already completed the first closing. €304mn was invested in the European Core Diversified Property Fund (EuroCore) from six institutional investors. PGIM has also established an initial portfolio of five office and logistics properties in Germany and France. Its properties in Germany, according to a PGIM spokesperson, include a 13,592 sqm commercial building on Roßmarkt in Frankfurt, the 16,811 sqm Cubus office building in Düsseldorf and the so-called Magnet portfolio in Hamburg (three properties with 24,142 sqm of office space and a development site). The fund is designed as an evergreen with an unlimited term and no specific target volume. The short-term goal is to achieve a portfolio size of around €1bn. A defensive core strategy will cover all all sectors of use, with an overweighting of residential real estate.
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