​PGIM Real Estate raises €304m for new open-ended European property fund

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PGIM Real Estate has raised €304m for a newly launched open-ended core European property fund seeded with five office and logistics assets.

The manager said its European Core Diversified Property Fund (EuroCore) received the capital commitment from six institutional investors at first close.

EuroCore’s seed portfolio comprises five office and logistics assets in France and Germany, all of which are “illustrative of the fund’s focus on sustainable income and value creation through net operating income growth”, the manager said.

EuroCore invests in real estate through primarily defensive core strategies in the major European metropolitan markets with a focus on Germany and France.

PGIM said the fund will target a variety of property types, with an overweight to residential.

Raimondo Amabile, head of Europe for PGIM Real Estate, said: “Europe continues to offer an attractive set of investment opportunities – particularly low-vacancy office markets and logistics that offer further near-term growth potential, as well as residential markets that can generate growth alongside downside protection.”

Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s European core strategy, said: “By consistently employing our transparent and defensive global investment philosophy to the European market, we aim to deliver long-term outperformance and low volatility through cash flow diversification.

“We particularly thank the first close EuroCore investors for their trust in us and will work hard to continue to deliver on this trust.”

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