Pgim Real Estate Records Us14 Bil Apac Transactions 1Q2025
In the first quarter of 2025, real estate investment firm PGIM Real Estate expanded its presence in the Asia Pacific (Apac) market with new investments across various sectors such as living, industrial, hotel, data center, and office in Japan and Australia. A press release from the firm, which is a unit of Prudential Financial, revealed that it completed eight transactions worth close to US$1.4 billion ($1.81 billion) in the last quarter, including six transactions valued at approximately US$900 million.
The majority of these deals were focused in Japan. Notable acquisitions included a corporate retreat facility with 70 rooms and amenities located in Izu, southwest of Greater Tokyo; a portfolio of four multifamily properties with 278 residences and one retail unit in Central Tokyo; and a greenfield site for a data center in eastern Osaka. PGIM Real Estate also sold an office and retail mixed-use asset in Omotesando in January, only four months after acquiring the nine-story building with 9,000 sq m of net lettable area.
In Australia, the firm joined forces with Anton Real Estate Partners to acquire a 13-story office building on Bridge Street in the Sydney CBD for A$270 million ($230 million) from Hong Kong tycoon Francis Choi in February. Additionally, in partnership with Australian fund manager KM Property Funds, PGIM Real Estate purchased an industrial and logistics estate in Yatala, Queensland for approximately A$100 million in the same month.
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Bennet Theseira, the head of Asia Pacific for PGIM Real Estate, stated that despite the current uncertain macro environment, the region has displayed resilience. He believes that the current point in the cycle presents a great opportunity for investors to acquire high-quality properties at attractive entry prices. Theseira also noted the potential in the living and data center sectors due to supply-demand imbalances in Japan and Australia. He adds that the resurgence of demand in office and retail, as well as the growing hotel market, are also creating strategic opportunities.
PGIM Real Estate reports that it has completed transactions worth US$36.9 billion in Apac since its establishment in 1994 and currently has US$206 billion in gross assets under management and administration globally.