Prudential, CBRE Join Startup MetaProp's $40 Million Fund
Posted on Jun 19, 2018 (2 days ago)
Some of the biggest names in the traditional commercial-property world are participating in a $40 million venture capital fund aimed at bankrolling real estate technology startups. Backers of MetaProp Ventures II LP include Prudential Financial Inc.’s investment management arm PGIM, Scott Rechler’s RXR Realty and three of the biggest commercial-property brokerages: CBRE Group Inc., Cushman & Wakefield and the technology-innovation unit of Jones Lang LaSalle Inc., JLL Spark. With its first fund, when MetaProp found a startup it was excited about, it would spread the word to a network of possible backers.
Real Estate Digest: San Diego investor grabs Peninsula office building, Stitch Fix expands, Webcor's new office, huge North Bay project and more
Posted on Jun 19, 2018 (2 days ago)
Editor's note: The San Francisco Business Times recently launched this weekly real estate digest featuring a round-up of local news items, musings from notable figures, insights from other publications and must-reads from our own newsroom. Please email digest editor Emily Fancher (email@example.com) with any feedback, suggestions or possible news items for this feature. Phase 3 Real Estate made another deal on the Peninsula with a $39.5 million purchase at Sierra Point in Brisbane.
Divorced Americans are at greater risk of not being able to maintain their standard of living in retirement, according to new research conducted by the Center for Retirement Research at Boston College with the support of Prudential Financial, Inc. (NYSE: PRU). The research study, which compares the risk divorced households face using the center’s National Retirement Risk Index (NRRI), reveals divorced households have a 7 percentage point greater risk of not having adequate retirement income than households that have not experienced divorce. Among all households, exactly half are at risk of not having adequate retirement income.
[$$] Chris Christie’s Corporate Tax Breaks Leave New Jersey With Big Price Tag
Posted on Jun 13, 2018 (7 days ago)
Corporate tax breaks designed to jolt New Jersey’s economy out of a post-recession slump risk stripping $1 billion a year in revenue from the state budget by 2020, according to the state’s economic-development agency. This year, the state could lose out on $545 million from grants and tax-credit awards, according to an April memo reviewed by The Wall Street Journal from the New Jersey Economic Development Authority. Without the tax credits, the state’s corporate-tax-revenue growth would be 12% higher, Treasurer Elizabeth Muoio estimated.
Prudential names Caroline Feeney head of Individual Solutions Group
Posted on Jun 13, 2018 (8 days ago)
Prudential Financial, Inc. (PRU) today announced that Caroline Feeney, currently president of Individual Life Insurance, will serve as head of Individual Solutions Group, which comprises Annuities and Individual Life Insurance. Salene Hitchcock-Gear, currently president of Prudential Advisors, will serve as president of Individual Life Insurance, which includes Prudential Advisors. “Every day, we are working to bring our businesses closer to our customers and distribution partners, and Caroline and Salene bring important experience and skill to the way we deepen our engagement,” said Stephen Pelletier, executive vice president and chief operating officer of Prudential’s U.S. Businesses.
[$$] Prudential Just Made Its Biggest Multifamily Purchase on the West Coast
Posted on Jun 12, 2018 (8 days ago)
The real-estate investment arm of Prudential Financial Inc. is buying a 50% stake in a $500 million rental apartment portfolio in the San Francisco Bay Area, its largest-ever multifamily purchase on the West coast. PGIM Real Estate is buying the stake in a portfolio of roughly 750 apartments concentrated in and around San Francisco, partnering with the developer and manager of the properties, Los Angeles-based CityView. The San Francisco area multifamily market has been one of the most closely watched in the country in the years following the recession.
Prudential Global Short Duration High Yield Fund, Inc. Reports Unaudited Earnings and Financial Position for Quarter Ended April 30, 2018
Posted on Jun 7, 2018 (13 days ago)
Prudential Global Short Duration High Yield Fund, Inc. , , a diversified, closed-end management investment company, announced today its unaudited investment results for the quarter ended April 30, 2018.
Prudential Financial and Radicle Impact Lead Series A Funding for LendStreet
Posted on Jun 7, 2018 (14 days ago)
Consumer Debt Restructuring Platform Closes $7 Million Equity Round; Raises $110 Million in Debt Financing to Support Growth and Mission to Improve US Consumers' Financial Health OAKLAND, Calif. , June ...
Investors Are Undervaluing Prudential Financial Inc (NYSE:PRU) By 32%
Posted on Jun 5, 2018 (15 days ago)
Pricing PRU, a financial stock, can be difficult since these insurance businesses have cash flows that are affected by regulations that are not imposed upon other sectors. For example, insuranceRead More...
Life insurance stocks have underperformed the S&P 500 index in 2018 despite an interest rate hike and flat overall performance in equity markets. Goldman Sachs' Alex Scott upgraded Prudential Financial Inc (NYSE: PRU) from Neutral to Buy with a price target lowered from $122 to $117.
Insurers Will Be Hard-Hit By Climate Change But They're Not Investing In The Low-Carbon Economy
Posted on May 31, 2018 (21 days ago)
Flooding will become much more severe as climate change intensifies, increasing payouts by insurers. – it is having to pay out more to policyholders as extreme weather events such as flooding, droughts, storms and heatwaves become more frequent and more severe. At the same time, as some of the biggest investors in the world, insurance companies also face significant losses as climate change hits the companies they invest in.