The real estate debt business formerly known as Pricoa Mortgage Capital in the UK and Europe has completed its renaming as PGIM Real Estate Finance, aligning it with the company's global branding.
PGIM Real Estate Finance, with 22 offices around the world, is a business of PGIM, the trillion-dollar global investment management business of Prudential Financial.
'Having a single name better reflects how we provide financing around the world from a range of capital sources, and offers investors access to high quality opportunities,' commented David Durning, CEO of PGIM Real Estate Finance.
'In 2016, our clients increasingly looked to us for advice, relying on our ability to finance projects through a variety of loan products that enhance investors’ opportunities as they seek yield, while navigating globally uncertain markets,' Durning added.
The company initially adopted PGIM Real Estate Finance for markets outside of the US when Prudential Investment Management changed its name to PGIM in January 2016. In addition to the Prudential Mortgage Capital Company (PMCC) renaming to PGIM Real Estate Finance, PGIM’s equity real estate investment business renamed to PGIM Real Estate in May 2016.
In 2016, PGIM Real Estate Financing lent nearly $750 mln (€700 mln) across Europe, Japan and Australia, in a context of distributing some $13.9 bn (€13 bn) in real estate financing round the globe.
Worldwide, the company has around $15 bn (€14 bn) to lend in 2017, according to PGIM figures.
