NEWARK, N.J., June 11, 2018 – Stephen O’Keeffe has joined PGIM Real Estate as an executive director, responsible for sourcing real estate debt investments and managing relationships with prospective borrowers and partners in Australia. PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate is an active participant in the global real estate debt market and was recently awarded a new US$320 million (AU$418 million) mandate to build and manage a portfolio of whole loans and mezzanine real estate debt investments in Australia on behalf of an institutional investor. The discretionary strategy will target loans of between US$11 million to $57 million (AU$15 million and $75 million), investing in a variety of real estate sectors and across the risk spectrum, including a blend of income-producing, value-add and construction loans.
“Stephen’s depth of experience in the Australian debt markets will be invaluable as we continue to build our high-yield lending presence in Australia.”
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Based in Sydney, O’Keeffe reports to Steve Bulloch, head of Australia.
“Real estate debt is increasingly a significant part of our strategy, which has in the past largely focused on core and value-add investments. As such, Stephen’s depth of experience in the Australian debt markets will be invaluable as we continue to build our high-yield lending presence in Australia, working with a variety of quality sponsors and funding partners,” said Bulloch.
Before joining PGIM Real Estate, O’Keeffe was a senior director in the debt and structured finance team at CBRE where he arranged, structured and closed approximately US$765 million (AU$1 billion) in new debt origination and was responsible for the asset management and servicing of CBRE’s US$1.38 billion (AU$1.8 billion) in client loans. Previously, he was a fund manager at Quadrant Real Estate Advisors, and held fund management roles at Mirvac Funds Management.
Since 2009, PGIM Real Estate has invested more than US$7 billion (AU$9.1 billion) across approximately 120 higher-yielding private real estate debt investments globally. In Australia, PGIM Real Estate has completed almost US$765 million (AU$1 billion) of transactions including five high-yield real estate debt investments totaling more than US$168 million (AU$220 million) on behalf of investors in its equity funds since establishing a dedicated presence in Sydney in 2011.
PGIM Real Estate has had a presence in Asia Pacific since 1994 and has assets under management in the region of US$7.3 billion (AU$9.5 billion) as of March 31, 2018.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of US$69.6 billion (US$50.3 billion net) as of March 31, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
With 15 consecutive years of positive third-party institutional net flows, PGIM, Inc., the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than US$1 trillion in assets under management as of March 31, 2018. PGIM, Inc.’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential Financial, Inc.’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. The company is not affiliated in any manner with Prudential plc, a company headquartered in the United Kingdom. For more information about PGIM Inc., please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, Pramerica, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.
PGIM, Inc. is exempt from the requirement to hold an Australian Financial Services License under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of its regulation by the Securities and Exchange Commission under the laws of the United States of America and the application of ASIC Class Order 03/1100.The laws of the United States of America differ from Australian laws.