Prudential Financial, the
second-largest US life insurer, has set its sites on significant
growth in the Middle East’s property market with the formation by
its unit, Pramerica Real Estate Investors, of a joint venture (JV)
with the Abu Dhabi government’s Mubadala Development Company (MDC).
The JV, Mubadala Pramerica Real Estate Investors (MPREI), will
initially create investment opportunities to fund Abu Dhabi real
estate projects.

MPREI MD Charles Pardoe said: “A
shortage of bank lending provides a near-term opportunity for
investors to fill the gap and provide capital to pre-let projects
with secure tenancies.

He added that MPREI anticipates
offering “sustainable opportunities for years to come, especially
given Abu Dhabi’s 2030 plan.” He was referring to the government’s
strategy to diversify the emirate’s economy and double the
workforce over the next 20 years.

According to Pramerica, at a later
stage MPREI “will offer products across the entire spectrum of real
estate categories, serving institutional investors in the US,
Europe, Asia and the Middle East, and develop products tailored for
family office and high net worth investors from the region.”

MPREI is the second major international property move initiated
by Prudential Financial in 2010. In July Pramerica announced that
it had secured capital of £150m ($234m) from institutional
investors to fill the gap in Europe’s commercial property market
left by the dearth of bank finance.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData