PGIM Real Estate provides $142M in financing for Bixby portfolio
Deal News | Feb 03, 2025 | PGIM Inc
PGIM Real Estate has issued $142 million in fixed-rate financing to Bixby Capital Management to refinance a portfolio comprising 10 industrial properties across several key logistics hubs in the U.S., including Southern and Northern California, Texas, Florida, and Georgia. The financing is part of PGIM Real Estate's core investment strategy, underscoring its commitment to bolstering industrial real estate. PGIM Real Estate, with a robust history in commercial real estate lending and investment, manages $212 billion in gross assets and continues to provide diverse equity and debt solutions. Bixby Capital Management, an established player in the U.S. commercial real estate space with over $1.6 billion in assets under management, expressed gratitude for the liquidity that supports its growth objectives. This strategic financial maneuver reinforces collaboration between PGIM Real Estate, a division under Prudential Financial's asset management arm PGIM, and industrial asset stakeholder Bixby, allowing both to capitalize on favorable sector fundamentals and market conditions.
Sectors
- Real Estate
- Commercial Real Estate
- Financial Services
Geography
- United States – The financing relates to industrial properties across major logistics hubs in the United States, including Southern and Northern California, Texas, Florida, and Georgia.
Industry
- Real Estate – Involves the investment in, financing of, and management of real estate assets, as exemplified by PGIM Real Estate's funding for industrial property investments.
- Commercial Real Estate – Relates to the financing and management of properties used solely for business purposes. The article details PGIM's investment in industrial properties for Bixby Capital Management.
- Financial Services – Involves the provision of financial services, such as the fixed-rate financing provided by PGIM Real Estate to Bixby Capital Management.
Financials
- $142 million – The fixed-rate financing provided by PGIM Real Estate for Bixby Capital Management’s industrial portfolio.
- $212 billion – Gross assets under management and administration by PGIM Real Estate as of September 30, 2024.
- $1.6 billion – The amount of assets under management by Bixby Capital Management.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGIM Real Estate | Financier | Company | A business of PGIM, the global asset management segment of Prudential Financial, providing real estate equity and debt solutions. |
| Bixby Capital Management | Borrower | Company | A commercial real estate owner and investment manager in the US with over $1.6 billion in assets under management. |
| PGIM, Inc. | Parent Company | Company | The primary asset management business of Prudential Financial, providing a broad range of investment solutions globally. |
| Prudential Financial, Inc. | Ultimate Parent Company | Company | The American multinational financial services leader, which is the ultimate parent company of PGIM. |