PGIM Real Estate received a US$320 million mandate from an undisclosed institution to build and manage whole loans and mezzanine real estate debt investments in Australia, IPE Real Assets reported.
The discretionary strategy will focus on loan investments of A$15 million to A$75 million across the risk spectrum in various real estate sectors, including a mix of income-producing, value-add and construction loans.
The company, which is the real estate investment arm of Prudential Financial Inc. unit and asset manager PGIM Inc., hired Stephen O'Keeffe, former senior director of CBRE's debt and structured finance team, to head its Australian real estate debt business, according to the publication.
