One of the world’s top fund managers, PGIM Real Estate, has joined forces with the founders of modular hotel chain Tribe, with plans to create a portfolio of co-living facilities worth as much as $750 million.
“So, [it’s] affordable and high quality. And because of the modular process, we’re building it a bit cheaper and quicker.”PGIM is the global asset management business of New York-listed Prudential Financial, which has $US1.27 trillion in funds under management. In Australia, PGIM has about $3 billionacross logistics, office, retail, hotels, data centres and mixed use.
“We’ve very carefully selected this as our entry point because we think this works for us,” Mr Bulloch told“It’s easy to talk about the fact that there’s all these tailwinds in terms of demand and supply. They are very attractive tailwinds in terms of rent growth.