The redemption queue for PGIM Real Estate’s PRISA fund stood at $3.2bn (€2.9bn) as of the end of 2023, according to the open-ended fund’s manager.
PGIM disclosed to IPE Real Assets that during the past year, PRISA made $876m worth of dispositions and $88m new purchases.
The manager also disclosed in Ventura County Employees’ Retirement Association’s meeting presentation document that PRISA’s redemption queue as of the third quarter of 2023 was at $3.7bn. As of the third quarter of 2023, Ventura County held an investment valued at $200.5m in PRISA.
During the third quarter of last year, PRISA generated a return of -3.25% compared with a -2.10% generated by the fund’s benchmark NFI-ODCE Index.
The core fund however outperformed the benchmark on a year-to-date basis by 114 basis points with a -7% return and by 48 basis points on a return for one year with a -12.41% return.
PRISA, with a $25.5bn net asset value, is invested in industrial, multifamily, office and retail which accounts for approximately 88.5% of the portfolio.
The balance of the fund is in alternative property types like self-storage, life sciences, both senior and manufactured housing and single-family rental.
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