PGIM Real Estate, the real estate investment and financing business of PGIM, has completed nearly US$30 billion in transactions worldwide in 2020.
The volume represents a total of 911 transactions and includes $10.2 billion in real estate equity investments and dispositions on behalf of third-party investors, in addition to $19.5 billion in real estate financing, said PGIM Real Estate
The total transaction volume includes approximately $25.3 billion through 835 transactions in the Americas, composed of $6.9 billion in equity and $18.4 billion in debt; $3.3 billion through 53 European transactions, composed of $2.4 billion in equity and $898 million in debt; and $1.0 billion through 23 transactions across Asia Pacific, composed of $869 million in equity and $169 million in debt.
“While COVID-19 brought on challenges in 2020 that we couldn’t have anticipated or specifically planned for, PGIM Real Estate has been preparing for a market downturn for the past several years,” said Eric Adler, president and CEO of PGIM Real Estate.
“We entered the pandemic from a position of exceptional strength and resiliency, with rigorous investment and operational risk infrastructure in place globally and considerable liquidity across our debt and equity businesses.”
Adler added, “Our equity business had the liquidity needed to quickly capitalize on accelerated secular trends, such as surging e-commerce demand and a shift toward suburban housing in the U.S., on behalf of our investors this past year. Our debt business has provided our clients with capital protection and cashflow resilience and has benefited from an opportunity to gain market share—particularly for our agency lending platform—as banks face further regulatory constraints.”