Prudential Mortgage Capital Company, Operating on Behalf of
The Prudential Insurance Company of America, Finances
Industrial Portfolio in Toronto
•
Transaction marks firm’s return to Canada after 20-year absence
TORONTO, January 21, 2016 – Prudential Mortgage Capital Company, operating on
behalf of The Prudential Insurance Company of America, provided C$195m ($148m
USD) in permanent financing to Prologis, Inc. for an industrial portfolio in Toronto, the
company announced today. Prudential Mortgage Capital Company is the commercial
mortgage lending business of PGIM, the global investment management businesses of
Prudential Financial Inc. (NYSE: PRU).
The 10-year loan is secured by an eight-property portfolio totaling nearly 3.5m square
feet across the Greater Toronto Area. The portfolio is 100-percent leased to 16 tenants
and features buildings constructed between 2006 and 2014.
“Prologis’ sponsorship, the quality of the properties and the solid fundamentals of the
local market combined to make this an attractive entry into the Canadian market,” said
Christy Lockridge, principal of originations at Prudential Mortgage Capital Company.
“The Greater Toronto Area is the third-largest industrial market in North America, and we
are excited to enter it by financing these new Class-A assets.”
Tenants, including major corporations such as PepsiCo and Ikea, are attracted to the
properties’ modern features, which include 28’-32’ clear heights, ample dock high doors
and trailer parking, and functional layouts.
This transaction marks the firm’s first loan origination in Canada for The Prudential
Insurance Company of America in 20 years. In recent years, the firm has expanded
outside of its United States base, including throughout Europe and Asia Pacific.
“Prudential Mortgage Capital Company continues to grow and evolve into a truly global
company with capabilities and expertise across the real estate finance spectrum, and our
reentry into Canada is yet another example of this,” said David Durning, CEO of
Prudential Mortgage Capital Company. “Canadian commercial real estate markets are
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among the most attractive in the world with a strong demand for commercial real estate
debt.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily
mortgage finance business with more than $87.54 billion in assets under management and
administration as of September 30, 2015. Leveraging a 140-year history of real estate
finance, the company offers one of the most comprehensive lines of real estate finance
products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and
specialized affordable housing programs; FHA; Conduit; Prudential’s general account; and
other institutional investors. The company maintains a loan servicing portfolio of
approximately $85.75 billion, as of September 30, 2015. For more information, please visit
http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion
of assets under management as of September 30, 2015, has operations in the United States,
Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed
to helping individual and institutional customers grow and protect their wealth through a
variety of products and services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock
symbol has stood for strength, stability, expertise and innovation for more than a century. For
more information, please visit www.news.prudential.com.
Prologis, Inc. is the global leader in industrial real estate. As of September 30, 2015,
Prologis owned or had investments in, on a wholly owned basis or through co-investment
ventures, properties and development projects expected to total approximately 671 million
square feet (62 million square meters) in 21 countries. The company leases modern
distribution facilities to more than 5,200 customers, including third-party logistics providers,
transportation companies, retailers and manufacturers.
MEDIA CONTACT: John Chartier
(973)-802-9829
John.chartier@prudential.com