HONG KONG, Feb. 9, 2018 – PGIM Real Estate has sold Rock Square, a shopping mall in Guangzhou, China, on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
Rock Square is a five-story, multi-anchor regional mall located in Guangzhou’s Haizhu district, a middle-class residential neighborhood. Comprising 83,591 square meters of retail space, the mall sits above the interchange station of Guangzhou Subway Line 1 and Foshan Express Line.
Rock Square was largely vacant when PGIM Real Estate acquired the property in 2012. Over time, the company successfully leased the mall to a wide range of domestic and international tenants including Aeon, Zara, Uniqlo, Stradivarius, and Pull & Bear. It is currently 96.3 percent leased.
“I am pleased with the significant value we were able to bring to our investors through our ownership of Rock Square and its successful sale,” said Benett Theseira, head of Asia Pacific for PGIM Real Estate. “By employing active asset management strategies through repositioning the tenant mix and initiatives to significantly boost shopper traffic, we enhanced the property’s performance. This enabled us to capitalize on increased investor appetite for high-quality, well-positioned real estate assets across China.”
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of Sept. 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Dec. 31, 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF-AVJSFD