PGIM Adds Australia Real Estate Duo
The investment management arm of Prudential Financial has strengthened its Australian real estate business with two new appointments.
PGIM has appointed Sam Mellor as head of real estate debt, Australia, according to a statement, effective immediately. In addition, Stuart Carr will also join as head of real estate equity, Australia, in December 2025. Based in Sydney, they will both report to Steve Bulloch, head of Australia for PGIM’s real estate business and head of Asia Pacific real estate debt.
Mellor has over 27 years of experience in debt markets and portfolio management across Europe and Asia Pacific. He was formerly head of Europe and APAC real estate credit for Barings Asset Management, where he expanded its European credit platform and established its real estate credit business in Asia. Prior to that, he held senior roles in banking and investment management at Chenavari Investment Managers and ABN AMRO.
Carr has more than 20 years of real estate experience across investment management, transactions, M&A and development. He was most recently head of investment strategy and origination at Dexus, where he expanded its alternatives business and oversaw opportunistic fund deployment across multiple sectors in Australia. Previously, he also held senior roles at Lendlease.
Track Record Since 2011
According to PGIM, the two roles are newly created and they mark a «significant step in the strategic growth» of the firm’s real estate business in Australia.
Since establishing a footprint in Australia in 2011, PGIM has built a track record of over 50 real estate debt and equity investments across all asset types and major cities in Australia, with a total loan and transaction volume exceeding A$5.5 billion ($3.7 billion). This includes 17 transactions in APAC in the first three quarters of 2025 valued at nearly US$1.9 billion. In 2024, the firm also launched its first dedicated Australian real estate debt strategy.
«Australia remains a strategic growth driver for PGIM’s real estate business in Asia Pacific,» commented Bulloch. «The Australian market is well positioned with structural and cyclical drivers fuelling continued rental growth and relatively attractive asset pricing in many sectors. The shift across global credit markets from traditional bank lenders to alternative capital sources will continue to present compelling opportunities for institutional private lenders like PGIM.»
