Tue, 30/01/2018 - 09:55
Lisa Davis has joined PGIM Real Estate as an executive director and portfolio manager to lead its impact-oriented real estate investment initiatives focused on affordable housing and transformative developments in the United States.
PGIM Real Estate is the real estate investment business of PGIM, the USD1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
In support of its impact-oriented initiatives, PGIM Real Estate is collaborating with Prudential’s Impact Investments group to leverage the company’s full breadth of impact investment expertise and industry relationships to help identify investment opportunities.
Focusing on major US markets with anticipated population and economic growth, PGIM Real Estate will target opportunities in transformative development in emerging, underpriced locations. It will also pursue affordable housing, which has very high demand and low supply across the market cycle.
“We are thrilled to add someone with Lisa’s depth of commercial real estate investment and development experience, with unique expertise in improving housing and economic conditions in low-income communities,” says Cathy Marcus, PGIM Real Estate’s global chief operating officer and head of the United States. “Bolstering our impact investment capability underscores our long-standing commitment to responsible investing, and by partnering with Prudential’s Impact Investments group, we will deliver an investment opportunity to our clients that is closely aligned with the socially responsible investment heritage of both PGIM Real Estate and our parent company.”
Throughout her career, Davis has focused on improving housing and economic conditions in low-income communities. Prior to PGIM Real Estate, she gained extensive experience executing large-scale affordable housing and redevelopment projects for both for-profits and nonprofits. Previously, Davis led affordable housing and community development finance strategies at the Ford Foundation and helped establish Ford’s impact investing program.
Davis has a master of science in real estate development and a master of city planning from the Massachusetts Institute of Technology where she was a Harry S Truman Scholar. She has a bachelor’s degree from the University of Texas at Austin. Davis sits on the Board of Directors for the Brooklyn Navy Yard and IMPACCT Brooklyn, and is a member of the Affordable and Multifamily Housing Council of the Urban Land Institute.
Based in New York, Davis will report to Soultana Reigle, managing director and senior portfolio manager at PGIM Real Estate.
PGIM Real Estate and Prudential have a history of investing with an impact orientation. PGIM Real Estate has a track record in transformative development through its US value-add platform, and affordable housing across its US funds through inclusionary housing and apartment portfolio acquisitions that have affordable rents. In addition, PGIM Real Estate’s sustainability program, launched in 2008, has increased operational efficiencies and cost savings at the properties within its portfolios, and increased the proportion of its assets under management evaluated by industry benchmarks, such as the Global Real Estate Sustainability Benchmark.
Prudential’s Impact Investments group has invested more than USD2 billion in impact-oriented assets since its founding more than 40 years ago. It currently has more than USD715 million in assets under management with a goal of reaching USD1 billion by 2020 and has investments in a variety of asset classes including private debt and equity, mortgages, tax credits, REITS and structured products.
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