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PGIM Real Estate raises £350 million for new Europe debt fund

PGIM Real Estate has so far raised 35% of a £1bn (€1.1m) fundraising target set for its latest European debt vehicle, according to one investor.

Pennsylvania Public School Employees’ Retirement System (PSERS) said in a meeting document that it has approved a $125m commitment to the PGIM Real Estate Capital (PRECap) VII, a fund which has so far raised £350m.

PGIM raised more than £1bn for the predecessor fund in April 2017. 

The fund manager is expected to make a co-investment into the fund of up to £75m.

Allianz expands London debt operations with €141m Chancery House loan

Allianz Real Estate has provided £120 mln (€141 mln) in debt financing to The Office Group (TOG), majority owned by real estate funds managed by the Blackstone Group, for the acquisition and refurbishment of Chancery House in London.

The deal, completed on behalf of several Allianz group insurers, is the fifth debt transaction in London for Allianz Real Estate and the first since it opened its London office in mid-2019. Chancery House is a 150,000 sq ft (13,940 m2) prime asset in Midtown on an island site minutes from Chancery Lane underground tube station. 

Cromwell supports transformational EUR625 million debt refinancing for Cromwell European REIT

Real estate investor and manager Cromwell Property Group (Cromwell) has confirmed that it assisted Cromwell EREIT Management Pte Ltd, the Manager of Cromwell European REIT (CEREIT) to raise and conduct a EUR625 million unsecured debt refinance, on behalf of Cromwell European REIT.

This sees CEREIT’s weighted average term of debt extended to 3.6 years while maintaining its attractive cost of funding at approximately 1.50 per cent.

Chenavari targets £350m for new beds-focused debt fund

European credit asset manager Chenevari Investment Managers is raising capital for a new debt fund predominant;y focused on the private rented sector (PRS) and student housing across the UK and Spanish Markets.
Chenevari is aiming to raise £350m for the vehicle by final close in September 2020, Andrew Haines, the firms partner in charge of real estate strategies, said.