PGIM Real Estate increases Valor/QuadReal UK logistics loan position to £119m

PGIM Real Estate's senior debt platform increased its loan position in the Valor-QuadReal £4bn logistics JV by £40m, taking the total to £119m against five UK assets (combined 93% occupancy). The additional capital funds the acquisition of four last-mile assets: three London warehouses (18,000-42,000 sq ft each) and a multi-unit Birmingham industrial estate. Valor plans to reposition vacant units and improve energy efficiency across the portfolio. PGIM Real Estate is one of the world's largest real estate investment managers ($210bn AUM). Valor Real Estate Partners is a specialist last-mile logistics investor. QuadReal Property Group is the real estate arm of the British Columbia Investment Management Corporation (BCI). This is PGIM's sixth debt transaction with Valor. Floating-rate senior loan of £40m, added to an existing £79m facility, creating a £119m total loan position against a portfolio of five UK assets. Separate from the £130m Tesco distribution centre acquisition in January 2025.