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PGIM Real Estate raises US$447M for new Asia fund

Property asset manager PGIM Real Estate raised US$447 million at an initial close of its PGIM Real Estate Asia Core fund, Property Funds World reported Sept. 30.

The open-ended, diversified fund secured equity capital from investors in the U.S., Canada, Germany, Switzerland and Japan.

The Asia Core investment vehicle invests in office, retail, industrial and residential sectors across key cities in Japan, Australia, Singapore, Hong Kong, South Korea and China. The fund has already invested in a US$290 million mixed-use portfolio of four seed assets in Tokyo, Seoul and Sydney, according to the report.