Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, announced this week that it had closed a $108 million commercial real estate loan in the U.K., the first financing since launching its European business earlier this year. The 11-year financing loan is secured by a portfolio of five properties in London and Bath, and is sponsored by the O&H Group, a family-run business with real estate holdings and development projects throughout the U.K.
Prudential is targeting $500 million (GBP 325 million, EUR400 million) of long-term, fixed-rate senior debt transactions in Europe in 2012 according to a Commercial Observer article. "The diversification we can achieve by investing a portion of our portfolio outside of the U.S., whether it's Europe, Japan, or Mexico, is very valuable," said Thor Orndahl, a managing director who oversees Prudential Mortgage Capital Company's non-U.S. mortgage platform. "The current market dislocation has provided the opening we have been looking for, and our plan is to be active in Europe for many years to come."
Drew Abernethy, head of Pricoa's new European origination business, said, "Prudential is very pleased to have closed this first transaction so soon after introducing their its European program. It illustrates the strength of the Prudential platform globally, a commitment to Europe specifically, and an earnest belief that clients like O&H should have access to the type of long-term financing that they want."
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