Sam Mellor joins as head of real estate debt, Australia, effective immediately. With over 27 years of experience in the debt markets and portfolio management across Europe and Asia Pacific, Mellor will oversee PGIM’s Australian real estate debt strategies and portfolio management team.

Stuart Carr will join PGIM as head of real estate equity, Australia, in December 2025. Carr brings over two decades’ experience in Australian real estate development and transactions. He will oversee the equity transaction team and lead origination, investment execution, and divestment activities across Australia.

The newly created roles mark a significant step in the strategic growth of PGIM’s real estate business in Australia, deepening its debt and equity investment capabilities to support the ongoing success of its Asia Pacific fund series. Last year, PGIM launched its first dedicated Australian real estate debt strategy, which has since seen strong deployment and a robust pipeline of investment opportunities.

In the first three quarters of 2025, PGIM completed 17 transactions in Asia Pacific valued at nearly US$1.9 billion, including nine transactions in Australia across the office, industrial, retail and living sectors. In Australia, it completed five debt transactions for a total commitment of AU$283 million (US$188 million) and has four more loans in documentation that will soon take it over AU$500 million (US$330 million) deployed year to date. The Australia team has invested a further AU$660 million (US$435 million) in gross asset value on the equity side this year. With a strong pipeline of investment activities, the new appointments are set to accelerate its growth trajectory.

Based in Sydney, both Mellor and Carr will report to Steve Bulloch, head of Australia for PGIM’s real estate business and head of Asia Pacific real estate debt.

Bulloch commented: “Australia remains a strategic growth driver for PGIM’s real estate business in Asia Pacific. As we continue to invest throughout the region, the breadth and depth of Sam and Stuart’s expertise will not only strengthen our Australian debt and equity capabilities, their significant experience, capital relationships, and leadership skills will also be invaluable to our broader business.”

“The Australian market is well positioned with structural and cyclical drivers fuelling continued rental growth and relatively attractive asset pricing in many sectors. The shift across global credit markets from traditional bank lenders to alternative capital sources will continue to present compelling opportunities for institutional private lenders like PGIM. With the exciting opportunities ahead, Sam and Stuart will be instrumental in driving our next stage of growth,” he added.

As the world’s third-largest real estate investment manager,^[1] PGIM has a robust history of investing through market cycles with its strong on-the-ground origination and asset management capability. Since establishing a footprint in Australia in 2011, the team has built a track record of over 50 real estate debt and equity investments across all asset types and major cities in Australia, with a total loan and transaction volume in excess of AU$5.5 billion (US$3.7 billion).

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Notes:
[1] 1 As of 30 June 2025. Net AUM is US$138 billion and AUA is US$47 billion. PGIM Real Estate is the thirdlargest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.

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