PGIM and AFM to acquire A$248M south-west Sydney retail seed asset for new partnership

SYDNEY, 2 July 2026 - PGIM's Real Estate Investment Group and Assembly Funds Management (AFM) have entered into a joint venture in Australia to acquire Ed.Square Town Centre, south-west Sydney for A$248 million.

Ed.Square Town Centre is a convenience and leisure-based neighbourhood retail destination in Edmondson Park, approximately 44 kilometres south-west of Sydney's central business district. The centre spans more than 24,500 square metres and is anchored by Coles supermarket, TK Maxx, and Event Cinemas. It also offers nine mini-majors and 78 specialty stores across retail, dining, entertainment and services, catering to the daily needs of the surrounding community.

Developed by Frasers Property Australia and completed in 2021, the centre forms the retail and entertainment heart of a broader mixed-use masterplanned community directly adjacent to the Edmondson Park transport interchange, allowing it to benefit from strong connectivity and population growth within one of Sydney's fastest-growing corridors.

Steve Bulloch, head of Australia - Real Estate at PGIM, said: "Ed.Square Town Centre offers strong underlying fundamentals. Its blend of daily-needs and entertainment retail, combined with direct integration with key transport infrastructure, positions the centre to significantly benefit from an increasing catchment over time."

Tim Meurer, chief investment officer at AFM, said: "With an attractive basis relative to replacement cost, we believe the asset offers compelling long-term potential for our investors, which will be enhanced by our active asset management approach."

PGIM's Real Estate Investment Group, the world's second-largest real estate investment manager¹, and AFM, the Australian real estate private equity manager, have established a partnership and operating platform to pursue high-quality retail opportunities that offer a resilient income profile and growth potential, utilising a highly active asset management approach. Both groups have very strong retail experience and track records.

The acquisition of Ed.Square follows the two groups' joint acquisition of Woodgrove Shopping Centre in Melbourne's west in September 2025.

Mark Gleeson, executive general manager - Investment & Capital Transactions at Frasers Property Australia, said Ed.Square Town Centre plays an important social, entertainment and retail role in the Ed.Square community and the broader south-west Sydney region.

"Frasers Property Australia is proud to have created Ed.Square Town Centre, fulfilling the vision to deliver a new social and retail heart for the community and region. This sale is consistent with our capital recycling strategy to divest well-established assets at the opportune time. In addition to our recent site acquisitions, we continue to seek opportunities to showcase our expertise and create value developing new masterplanned communities in our core eastern seaboard markets", said Gleeson.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with US$1.4 trillion in assets under management². PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions - including fixed income, equities, real estate and other retail investment vehicles. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information 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 31 March 2026, AUM reflected as gross. Net AUM is US$189 billion and AUA is US$50 billion. PGIM Real Estate is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 30 June 2025. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

² As of 31 March 2026.

ABOUT AFM

Assembly Funds Management (AFM) was established in 2019 as a partnership between Michael Gutman, the Lowy Family Group and Alceon. AFM is a real estate private equity manager focused on creating and operating funds that invest through the cycle across a diversified blend of sectors and capital strategies to deliver attractive long-term risk-adjusted returns. AFM currently manages approximately A$1 billion of real estate assets across its flagship fund series, co-investments and syndicated investments on behalf of wholesale and institutional investors.

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