Pramerica Real Estate Investors (PREI), the real estate investment management business of Pramerica Financial, the New York-listed financial services firm, is to rebrand, bringing an end to its operation as two different brands. The firm announced it would bring the consolidation into effect from next Monday, 16 May.
PREI has operated globally under two different names for more than a decade, but Eric Adler, its chief executive officer, said the globalization of its investment activities has led it to adopt the single name, PGIM Real Estate.
“For more than a decade, we have operated under two names. As our client base and investment activities have become more globally diversified, unifying our business under one name will allow us to simplify how our clients and partners interact with us in multiple geographies,” he said. “Adopting a single name underscores that we are one, integrated global real estate investment manager.”
The firm, which manages more than $65 billion of gross assets under management, currently operates as Prudential Real Estate Investors in the Americas, Japan and Korea, and Pramerica Real Estate Investors in other markets.
It said that during the time in which it operated under the two brands, the number of countries in which PREI’s clients are domiciled increased nearly fourfold, today incorporating 28 countries. It said capital commitments from non-US clients into Pramerica’s core, core-plus, value-add and high-yield debt strategies comprised approximately half of its new business during the last five years.
Adler added: “In recent years, as institutions have been under-invested in real estate versus their target allocations, we have seen capital flowing across borders into our regional and country real estate strategies. We believe this trend will continue as investors seek attractive and diversified investment opportunities outside their domestic markets.”
The PGIM Real Estate name was chosen in conjunction with the brand change of its parent, Pramerica Investment Management, to PGIM in January. It has more than $1 trillion in assets under management.