PGIM Real Estate raises €304m for new fund

PGIM Real Estate has raised €304m (£278.6m) for a new open-ended real estate fund.

The first close of the European Core Diversified Property Fund (EuroCore) drew equity capital from six institutional investors.

PGIM Real Estate is the real estate investment business of PGIM, the $1tn (£820bn) global investment management businesses of US-headquartered Prudential Financial.

EuroCore invests in real estate through primarily defensive core strategies in the major European metropolitan markets with a focus on Germany and France. The fund’s evergreen investment strategy aims for broad diversification across sectors, with an overweight to residential.

The EuroCore