Real estate is fundamentally about local markets, and being able to drill down to the cities and even the streets to truly understand how different behaviors drive the way the real estate market develops over time. Across the regions in which we invest we take a bottom up approach by being on the ground in the markets in which we invest, and with a top down research view.
PREI's roots as a real estate investment management organization are in the United States, where we pioneered the use of the commingled, open-end equity real estate fund by U.S. pension plans in 1970. Since 2002, PREI has been investing in Latin America, where we currently manage funds specializing in industrial, residential and retail properties in Mexico, and we have transactions capabilities in Mexico, Brazil, Argentina and Chile. Today, PREI has 406 associates operating in seven locations across the Americas, with gross assets under management of $40.8 billion ($30.5 billion net).
In Europe, PREI has been acting as a fiduciary manager for institutional investors since 1982 and is one of the most established real estate investment managers in the region. We invest in Western, Central and Eastern Europe and today manage $7.7 billion in gross real estate assets across Europe ($5.4 billion net), with approximately 164 employees in six locations across the region.
PREI has been investing in the commercial real estate markets in the Asia Pacific region since 1994. With over 70 professionals in five locations across Asia Pacific, we manage $5.2 billion of gross assets ($3.0 billion net)in Singapore, Japan, Australia, China, Malaysia, India and South Korea.
Prudential Real Estate Investors is the real estate investment management business of Prudential Financial, Inc.