Pramerica Launches $185M Debt Platform

LONDON-The local office of Pramerica Real Estate Investors, a subsidiary of US-based Prudential Financial, has arranged $185 million of institutional capital for European real estate debt. The amount raised includes capital from a pension fund serviced by the Netherlands-based APG.

The fund will invest the discretionary capital, and any additional capital committed to the strategy, in directly originated real estate mezzanine finance and debt-like preferred equity opportunities. The firm’s European arm has a strategy that is part of a global initiative to provide institutional investors with opportunities for real estate debt, a gap in the market to assist mid-size, high-quality private and public property companies and funds, according to Jack Taylor, managing director at Pramerica.