鈥檚 sixth US property fund has raised $134m (鈧�115.2m) in a first close.
The US Property Fund (USPF) VI, the sixth in a series of closed-ended funds investing in US real estate, is anticipated to hold a final close in mid-2018.
PGIM Real Estate said the initial round of capital included new and existing German institutional investors.
USPF VI will invest in primary and secondary markets in the US, including for-rent residential, retail, office, logistics and self-storage.
In September, USPF VI completed its first transaction to acquire 150 Post Street in San Francisco. The mixed-use, seven-story, 105,000sqft office and retail building is in the downtown Union Square area.
Eric Adler, chief executive officer of PGIM Real Estate, said: 鈥淧articipation in the fund鈥檚 first close reflects investors鈥� conviction in both PGIM Real Estate鈥檚 47-year track record of investing in the US and the USPF VI portfolio team鈥檚 ability to deliver attractive risk-adjusted returns for our global client base.鈥�
