Global asset manager PGIM Real Estate has added to its real estate holdings following a number of deals in China and Australia.
The firm has led a joint venture to purchase an apartment building in Shanghai.
The Shanghai Baoshan Powerlong City development was bought from Hong Kong-based developer Powerlong.
PGIM has also partnered with private equity firm Point Capital for a real estate investment joint venture (JV) in Australia.
The JV will have a target portfolio of US$483 million and the initial assets are two projects in Brisbane and Sydney with a combined value of $194 million.
“Institutional investors like us can play a pivotal role in fostering the growth of this sector by providing an attractive and affordable housing solution for young professionals and other renters in the region,” said Benett Theseira, head of Asia Pacific, PGIM Real Estate.
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