PGIM, the global asset management business of Prudential Financial, has bolstered its Australian real estate business with the appointment of two seasoned professionals in newly created roles to lead growth across its debt and equity platform.
Sam Mellor joins as head of real estate debt, Australia, effective immediately. With over 27 years of experience in the debt markets and portfolio management across Europe and Asia Pacific, he will oversee PGIM’s Australian real estate debt strategies and portfolio management team.
Mellor (pictured left) was formerly head of Europe and Asia Pacific real estate credit at Barings Asset Management, where he expanded its European credit platform and established its real estate credit business in Asia Pacific.
Prior to this, he held senior roles in banking and investment management across the United Kingdom and Europe, including at Chenavari Investment Managers and ABN AMRO Bank.
Stuart Carr will join PGIM as head of real estate equity, Australia, in December 2025. Carr brings over two decades’ experience in Australian real estate development and transactions. He will oversee the equity transaction team and lead origination, investment execution, and divestment activities across Australia.
Carr (pictured left) 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. Prior to this, he held senior roles at Lendlease.
Based in Sydney, both Mellor and Carr will report to Steve Bulloch, head of Australia for PGIM’s real estate business and head of Asia Pacific real estate debt.
Bulloch commented: “Australia remains a strategic growth driver for PGIM’s real estate business in Asia Pacific. As we continue to invest throughout the region, the breadth and depth of Sam and Stuart’s expertise will not only strengthen our Australian debt and equity capabilities, their significant experience, capital relationships, and leadership skills will also be invaluable to our broader business.”
Last year, PGIM launched its first dedicated Australian real estate debt strategy, which has since seen strong deployment and a robust pipeline of investment opportunities.
In the first three quarters of 2025, PGIM completed 17 transactions in Asia Pacific valued at nearly $1.9bn, including nine transactions in Australia across the office, industrial, retail and living sectors, according to the asset manager.
In Australia, it completed five debt transactions for a total commitment of AU$283m ($188m) and has four more loans in documentation that will soon take it over AU$500m deployed year to date. The Australia team has invested a further AU$660m in gross asset value on the equity side this year, PGIM said in a statement.
