PGIM Real Estate Names David Fassbender Head of Asia Pacific

Less than a year after being named deputy head of Asia Pacific at PGIM Real Estate, David Fassbender is set to be promoted to the company’s top job in the region as Benett Theseira prepares to retire.

Fassbender will take on the role of head of Asia Pacific for PGIM Real Estate from 1 July, the property division of Prudential Financial’s investment management business said in a statement on Tuesday, marking the latest step in his more than two-decade career with the company.

“David is an accomplished leader and investor, with strong business acumen and a clear focus on delivering for our clients”, said Cathy Marcus, co-head and global chief operating officer for real estate at PGIM. “His proven track record positions him well to advance our ambitions in the region and guide our investors through the next market cycle.”

Having relocated to Tokyo from Singapore after being named head of Japan in 2024, Fassbender will continue to be based in the eastern capital. Theseira, has been based in Singapore since being named head of Asia Pacific at Prudential Real Estate Investors in 2011, with that company being rebranded as PGIM Real Estate in 2016. 

Value-Add Expertise

Having first joined another PGIM Real Estate predecessor, Pramerica Real Estate International, in Munich in 2002, Fassbender was named head of southeast Asia at the company in 2011, with PGIM pointing to his expertise managing both open- and closed-ended real estate funds, as well as in asset management and transactions.

The company credits Fassbender with taking a pivotal role in developing its flagship Asia Pacific value-add strategy, which now has its fifth closed-end vehicle active. Established in 2003, the Asia Pacific value-add strategy has completed over $21 billion in transactions across nine markets, according to the company. 

PGIM Real Estate in January was said to be in due diligence with Robert Kuok’s Allgreen Properties to sell 78 Shenton Way in Singapore, a major asset held by its value-add strategy for more than $468 million. In June of last year PGIM sold three of the remaining floors in an office project on Singapore’s Robinson Road for over $43 million after acquiring that building under its value-add fund in 2021.

In his new role, Fassbender will continue to oversee the value-add strategy, in addition to the firm’s other real estate investment mandates across the region, the company said. 

Industrial, Retail and Data Centres

In addition to its Singapore office transactions, PGIM Real Estate has been pursuing deals across a range of sectors in Asia Pacific in recent months.

In February the company teamed up with recently established industrial specialist Northstar Capital to acquire 51 Tuas View Link for $95.2 million with plans to develop the Singapore industrial site into a ramp-up logistics facility spanning 1.1 million square feet (102,193 square metres) of gross floor area.

Also last month PGIM Real Estate purchased an industrial site west of Melbourne for development of a data centre campus on behalf of its inaugural Global Data Center Fund.

In mid-2025 the company teamed up with Sydney-based Assembly Funds Management to acquire the Woodgrove Shopping Centre in Melbourne’s western suburbs from the Queensland Investment Corporation for $286 million.