Pramerica Real Estate Investors has closed on €820 million for its fourth real estate capital fund, a firm spokesperson confirmed.
Pramerica Real Estate Capital IV will target investments in offices, retail, industrial and retail in Europe and the Middle East, according to reports. The firm operates a separate family of funds for investments in the United States and North America.
The firm recently named Eric Adler as its chief executive officer. Adler succeeds Allen Smith, who was stepped down to take the chief executive role at Four Seasons Hotels and Resorts after 26 years with the firm.
“Eric has proven himself a terrific leader, working closely with Allen to position the firm for growth around the world,” said David Hunt, CEO of Pramerica Investment Management. “While we will miss Allen and wish him all the best in his new role, I am thrilled to have the depth of management talent that enables us to continue to build our business.”
Pramerica Real Estate Investors is the real estate investment management arm of Prudential. The firm had $38.7 billion in net assets under management as of press time.
In February, Pramerica acquired companies whose properties include 118 avenue des Champs Elysées in Paris. That transaction was completed through one of the firm’s single client accounts, according to a release.