PGIM Real Estate appoints deputy head of APAC
PGIM Real Estate has internally promoted its current head of Japan to the newly created deputy head of Asia Pacific role.
The global real estate investment manager – with US$206 billion ($324 billion) in gross assets under management – has appointed David Fassbender as deputy head of Asia Pacific, effective immediately. He will report to Benett Theseira, head of Asia Pacific at PGIM Real Estate.
Fassbender is currently the firm’s head of Japan, having worked with the company since 2002. He was previously the head of South-East Asia, based in Singapore.
According to PGIM Real Estate, his promotion is part of its ongoing strategy to strengthen its leadership bench and position the APAC platform for future growth.
In the newly created position, Fassbender will oversee portfolio management strategies throughout Asia Pacific, helping drive its growth in the region while leading its largest Asia Pacific business in Japan.
Fassbender was instrumental in establishing PGIM Real Estate’s flagship Asia Pacific value-add (AVP) fund series, the firm stated, meaning he will retain his current role as senior portfolio manager for the AVP strategies.
“David has demonstrated exceptional leadership over the years, with a track record in delivering excellent outcomes for our Asia Pacific investment strategies. His promotion reflects PGIM Real Estate’s commitment to developing talents and nurturing future leaders,” said Theseira.
“David’s strong business acumen, extensive industry network, and solid investment management experience will be pivotal in helping investors navigate current market uncertainty and identifying the best opportunities in high-conviction areas as we continue to expand our regional business.”
Commenting on his new role, Fassbender said: “PGIM Real Estate is in a unique position to leverage our deep investment heritage in Asia Pacific, along with our breadth of global expertise to deliver long-term value to our investors globally. I look forward to continue working closely with the team to drive future growth.”
PGIM Real Estate recently completed the fundraise for its first Global Data Center Fund (GDCF), with $2 billion of capital allocated to the strategy from a range of global investors.
The firm stated the fund has a build-fill-sell investment strategy focused on the low latency hyperscale segment of the global data centre sector, targeting opportunistic investment returns.
Since its first close in July 2023, the GDCF has constructed a geographically diversified portfolio of assets targeting investments across the major global data centre markets of North America, Asia Pacific, and Europe.
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Jasmine Siljic
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