MADISON, N.J., Dec. 17, 2019 – PGIM Real Estate has sold a portfolio of 11 senior housing properties managed by Brightview Senior Living and located throughout the Northeast and Mid-Atlantic U.S. PGIM Real Estate is the real estate investment business of PGIM, the $1.2 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The sale was executed by SHP IV, the fourth in PGIM Real Estate’s series of dedicated closed-end funds designed to capitalize on opportunities in the senior housing sector. SHP IV closed in 2012 with approximately $569 million in commitments from institutional investors.
“Through this transaction, we’ve capitalized on powerful demographic trends driving the senior housing industry nationally, combined with a favorable capital markets environment for core senior housing properties in high-barrier-to-entry locations,” said Steve Blazejewski, senior portfolio manager for PGIM Real Estate’s SHP strategies. “We’re pleased with the value that we were able to unlock in this portfolio to provide a compelling return for our investors.”
PGIM Real Estate has been investing in the senior housing sector through its SHP fund series since 1998. The firm invests in the independent, assisted living and memory care segments of the seniors housing sector and employs a flexible investment strategy targeting direct acquisitions, developments, pre-sales and other opportunities.
Blazejewski added, “As the senior housing sector continues to mature, we will continue to identify strategic acquisition and disposition opportunities—dependent upon market- and property-specific factors—to generate attractive returns for our clients.”
About PGIM Real Estate
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate investment managers in the world, with more than $175.9 billion1 in gross real estate assets under management and administration, as of Sept. 30, 2019. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.
About PGIM and Prudential Financial, Inc.
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) , ranks among the top 10 largest asset managers in the world3 with more than US$1 trillion in assets under management as of Sept. 30, 2019. PGIM’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 15 countries across four continents. For more information, please visit pgim.com.
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
1 AUA equals $36 billion and the net AUM globally includes $49.8B for PGIM Real Estate.
2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
3 As ranked in Pensions & Investments’ Top Money Managers list, 27 May 2019; based on PFI total worldwide institutional assets under management as of 31 Dec. 2018. Assets under management (AUM) are based on company estimates and are subject to change.
2019 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, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.