Prudential Real Estate Investors has named Frank Garcia a managing director and portfolio manager for its core open-ended equity commingled real estate strategy— among the oldest and the largest such strategies in the U.S. PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).
Garcia is the fourth portfolio manager on the team. He reports to Senior Portfolio Manager Cathy Marcus, as does managing director and portfolio manager Joanna Mulford. Garcia is based in PREI’s San Francisco office along with assistant portfolio manager Nicole Stagnaro, vice president. He joins in a newly created role to meet the increasingly complex management needs of the U.S. core strategy as it expands to reach clients around the world.
“Adding someone with Frank’s extensive real estate experience further strengthens our core portfolio management team,” Marcus said. “The breadth of his background will be particularly helpful as we seek opportunities to invest on behalf of a growing client base.”
PREI’s core real estate strategy is available to institutional investors and is increasingly available to retirement plans and target date funds.Before joining PREI, Garcia was a managing director at RREEF, Deutsche Bank A.G.’s core real estate strategy, where he was a senior portfolio manager for various core and value-added funds. Earlier, he worked at Spieker Properties in Walnut Creek, Calif., and CB Commercial (now CBRE). A native of Northern California, Garcia holds a bachelor’s degree from the University of the Pacific with a concentration in business administration. PREI, which has been investing in real estate on behalf of institutional clients since 1970, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Frankfurt, Paris, Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of March 31, 2013, PREI managed approximately $53 billion in gross real estate assets ($37.3 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.