PGIM Raising $500 Million in Debut Australian Property Debt Fund
- Australia is most appealing high-yield market in Asia: Bulloch
- New fund is targeting the residential and logistics sectors
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PGIM Inc., is raising A$750 million (about $500 million) for its first Australian real estate debt fund to fill a growing need in the country as traditional lenders retreat.
Tighter regulation and lending standards in Australia have made it tougher for conventional banks to deploy their resources, said Steve Bulloch, PGIM Real Estate’s head of Asia Pacific debt and Australia, in an interview Monday. That leaves a gap that non-bank lenders like PGIM can fill, particularly in construction lending, he said.