PGIM Real Estate, acting on behalf of its core-plus debt strategy, has provided $333 million in floating-rate financing to GLP Capital Partners Inc. (GCP) for the acquisition of three industrial properties in Southern California’s Inland Empire. Earlier this month, PGIM Real Estate also provided a $455-million financing to Alere Property Group for an eight-building industrial portfolio in the same region.
Two separate loans were given by PGIM Real Estate to GCP: a $175-million loan for recently constructed buildings and another loan worth $158 million for two existing projects.
Trevor Arnholt, VP at PGIM Real Estate who led the financing on behalf of the firm stated that “PGIM has strong conviction in the industrial sector and we are proud to support GCP’s expanding portfolio across Inland Empire.” He further added that they have been able to provide larger loans as part of their core-plus strategy this year and are excited about continuing this trend.
The article titled “PGIM Lends GLP $333M on Inland Empire Industrial” was published by Connect CRE.
