PRESS INFORMATION

FRANKFURT, 25th April 2024 – PGIM Real Estate has acquired a property north of Munich, Germany, suitable for data centre development, on behalf of its closed- ended value-add fund European Value Partners (EVP) II. PGIM Real Estate is the US$210 billion real estate investment firm of PGIM.

“Strong and surging demand for data centres, combined with low supply and limited development opportunities in urban areas translate into a very attractive investment opportunity for long-term investors,” Nabil Mabed, senior portfolio manager for European Value Partners comments. “Data creation, and thus global demand for data centres is expected to grow by a yearly average of roughly 30% to more than 2,100 zettabytes in 2035, not least due to ongoing digitalization efforts and recent developments in artificial intelligence.”

The property is located in Unterschleissheim, in the Greater Munich area, between the city of Munich and Munich airport. A power supply of 30 MVA (megavolt ampere) has been secured during the acquisition process.

“Modern data centre space with strong ESG characteristics in the colocation segment is in strong demand by both operators and data centre customers. With limited short- term development potential in Frankfurt, the German data centre market is shifting focus towards Berlin and Munich,” Mabed adds.

Munich, Germany’s third-largest city, is home to multiple big corporations, including seven of the 40 DAX companies, among others and several of Germany’s leading universities. It also houses one of only seven connectivity hubs in Germany (DE-CIX internet exchange) and benefits from long-haul fibre routes passing through Munich to eastern and southern Europe.

DLA Piper acted as legal advisor for PGIM Real Estate.

ABOUT PGIM REAL ESTATE

With US$210 billion in gross assets under management and administration1, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is a global investment manager with US$1.29 trillion in assets under management as of 31 Dec. 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

1 As of 30 Dec. 2023. Net AUM is US$134 billion and AUA is US$49 billion.

2 Includes legacy lending through PGIM’s parent company, PFI.

For media use only. All investments involve risk, including the possible loss of capital.

The comments, opinions and estimates contained herein are based on and/or derived from publicly available information from sources that PGIM Real Estate believes to be reliable. We do not guarantee the accuracy of such sources of information and have no obligation to provide updates or changes to these materials. This material is for informational purposes and sets forth our views as of the date of this presentation. The underlying assumptions and our views are subject to change.

In the United Kingdom, information is issued by PGIM Real Estate (UK) Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Real Estate (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Real Estate (UK) Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, is presented by PGIM Limited in reliance of provisions, exemptions, or licences available to PGIM Limited under the temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited has its registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). These materials are issued by PGIM Luxembourg S.A. and/or PGIM Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA.