As investors interested in the seniors housing sector have gotten more sophisticated, PGIM saw a need to shift from closed-end funds.

There’s a gap of $55 billion between the amount owed by commercial property owners across Germany, France and the UK and the credit likely to be available for refinancing when the borrowings mature, according to research by AEW Europe SA.

Among other investments, the fund boosted stakes in three U.S. based real estate groups, including Alexandria Real Estate Equities, Inc., which acquires, manages, expands and develops office and laboratory properties, as well as Equity Residential...