PGIM Fund Faces £102M Loss After BTR Scheme Goes Into Administration

A fund managed by global investment giant PGIM is facing a potential loss after a company that owes it £102M went into administration.  An administrator’s report for the company that owns the Bradstowe House build-to-rent block in Harrow, north west London, said that the amount repaid to the debt fund managed by PGIM would depend on how much the scheme is sold for.  Pramerica Real Estate Capital IV is the mezzanine lender to the scheme, according to a report from partners at Interpath. Interpath said the debt facilities outstanding to the fund at the time of its appointment totalled £102M. Senior lender Norddeutsche Landesbank Girozentrale...