PGIM Real Estate completed nearly USD30 billion in transactions worldwide in 2020. The volume represents a total of 911 transactions and includes USD10.2 billion in real estate equity investments and dispositions on behalf of third-party investors, in addition to USD19.5 billion in real estate financing.
“While Covid-19 brought on challenges in 2020 that we couldn’t have anticipated or specifically planned for, PGIM Real Estate has been preparing for a market downturn for the past several years,” says Eric Adler, president and CEO of PGIM Real Estate. “We entered the pandemic from a position of exceptional strength and resiliency, with rigorous investment and operational risk infrastructure in place globally and considerable liquidity across our debt and equity businesses.”
The total transaction volume includes approximately USD25.3 billion through 835 transactions in the Americas, composed of USD6.9 billion in equity and USD18.4 billion in debt; USD3.3 billion through 53 European transactions, composed of USD2.4 billion in equity and USD898 million in debt; and USD1.0 billion through 23 transactions across Asia Pacific, composed of USD869 million in equity and USD169 million in debt.
Adler adds: “Our equity business had the liquidity needed to quickly capitalise on accelerated secular trends, such as surging e-commerce demand and a shift toward suburban housing in the US, on behalf of our investors this past year. Our debt business has provided our clients with capital protection and cashflow resilience and has benefited from an opportunity to gain market share—particularly for our agency lending platform—as banks face further regulatory constraints.”