PREI has fund management offices in London, and in Munich, which has a long track record of serving German-speaking clients. Both benefit from the company’s shared resources through offices in Paris, Madrid, Lisbon, Milan, Luxembourg and Istanbul.

PREI, which began operations in the U.K. in 1990, now operates in Europe as Pramerica Real Estate Investors and has eight offices throughout Europe. It offers a range of strategies, most recently expanded with a new debt strategy and U.K. investment strategy. Strategies provided through the firm’s two European fund management centers in London and Munich include its Pan European open-end commingled strategy, designed for a broad range of international investors seeking exposure to European commercial properties. PREI also offers closed-end commingled strategies that pursue opportunistic investing and specialized products for specific investor groups, including those designed specifically for German clients or Sharia’ah-compliant strategies designed for clients seeking Islamic structures.

It 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, Asia, and Latin America. Headquartered in Parsippany, N.J., PREI has offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon, Madrid, Milan, Munich, Paris, Luxembourg, Istanbul, Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo. As of March 31, 2010, PREI managed about $43.8 billion in gross real estate assets ($22.8 billion net) on behalf of more than 490 clients worldwide and ranks among the largest real estate investment managers.

Prudential Financial, Inc., a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. In the U.S., the company’s Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.

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Now we have reports that the Congressional Oversight Panel is warning that a wave of defaults on commercial real estate loans next year could see US banks losing $300 million. According to the report, about $1.4 trillion in commercial real estate loans will reach the end of their term between 2010 and 2014. It says commercial property values have fallen more than 40% since the start of 2007 and more than half the borrowers are “under water”, meaning they owe more on the property than what it’s worth with the collapse in prices.

This will affect more than 3000 small and mid-sized banks.

The thing that riles me the most about this report is that Treasury secretary Tim Geithner came out this week saying on the Department’s web site that the cost of the bailout is falling and that the work is more is or less done. “A year later, the actions we took, alongside the Recovery Act, have worked to restore economic growth and financial stability,” Geithner says. “Access to credit is improving and the cost of borrowing for businesses, consumers, homeowners, and state and local governments have fallen sharply.”

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