PGIM Real Estate has completed a capital raise of MXN$4.4b for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. 

(Press Release) MEXICO CITY, May 11, 2017 – PGIM Real Estate has completed a capital raise of MXP$4.4b (USD$235m) for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).

The capital raise included investments from Mexican institutional investors, as well as a co-investment from PGIM. More than half of the capital was raised from existing PGIM Real Estate clients, with the remaining capital coming from new investors.

“The strong participation of existing and new clients in PruMex IV is a testament to PGIM Real Estate’s on-the-ground expertise and footprint that positions us to capitalize on the long-term investment opportunities in Mexico.”

Expanding on the investment strategy of the prior PruMex fund series, which focused solely on industrial real estate, PruMex IV will also invest in residential-forsale, multifamily and mixed-use properties to create a well-diversified portfolio across the spectrum of opportunities in Mexico. Target investment markets include the Bajio-Central and north border regions for industrial assets, and the Mexico City metropolitan area for residential-for-sale, multifamily and mixed-use assets.

PGIM Real Estate has been investing in Latin America since 2002, and today is one of the largest international real estate investment managers in the region, with approximately $3 billion in gross assets under management as of March 31, 2017. With a dedicated team of approximately 70 professionals based in Mexico City, PGIM Real Estate manages country-specific strategies investing in industrial, residential, retail and mixed-use properties on behalf of institutional investors. PGIM Real Estate has been a pioneer in the region, investing in Mexico’s emerging multifamily sector in 2009, and creating Terrafina, a publicly traded FIBRA, in 2013 by combining its industrial portfolio of funds. Terrafina has approximately $2 billion in gross assets under management as of May 1, 2017, and is externally managed by PGIM Real Estate.