PGIM Real Estate has made its first acquisition in the Netherlands on behalf of its European core strategy and provided a $408m (€339m) loan facility on behalf of its US core-plus debt strategy.
The manager has bought a fully-let 20,918sqm warehouse property in Eindhoven, close to Eindhoven Airport in partnership with DHS Real Estate Investment Management.
Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s core European strategy, said: “After our European core strategy’s first acquisition in the UK last month, we are extremely pleased to follow up with our first purchase in the Netherlands.
“Logistics is a key sector for the Dutch economy and has been a key long-term focus for our European core strategy.”
The manager’s US core plus debt strategy has provided the senior loan facility to an unnamed institutional real estate investor for the acquisition of 11 industrial properties across California, Texas, Ohio, Florida, and New Jersey.
The industrial properties, which total approximately 4m sqft, include 10 existing distribution and cold storage facilities, in addition to the development of a new distribution centre.
Brett Ulrich, executive director at PGIM Real Estate, said: “These properties are located across key US infill markets with access to regional, national, and international distribution hubs, robust infrastructure, and favourable demographics.
“The properties have favourable tenancy consisting of large public and private companies within industries that have seen major tailwinds, including e-commerce and logistics, as well as stable recession-resistant industries such as food distribution, food production, and manufacturing.”
Steve Bailey, senior portfolio manager for PGIM Real Estate’s US core-plus debt strategy, said: “Our investors will benefit from this well-leased diversified portfolio of institutional assets in locations with strong market fundamentals, in addition to a financing structure that allows for future acquisition flexibility.
“The portfolio’s diversification across markets and industrial subtypes will also help to mitigate any near-term negative impacts resulting from uncertainties surrounding COVID-19 and the related economic headwinds.”
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