PGIM, the global asset management arm of Prudential Financial, has appointed two seasoned executives to newly created leadership positions within its Australian real estate division. The appointments of Sam Mellor as head of real estate debt and Stuart Carr as head of real estate equity signal a strategic expansion of the firm's operations in the country.
Key Takeaways
- Sam Mellor has been appointed as the Head of Real Estate Debt, Australia, effective immediately.
- Stuart Carr is set to join as the Head of Real Estate Equity, Australia, in December 2025.
- The new roles are designed to lead growth across PGIM's debt and equity platforms in the Australian market.
- These appointments follow significant investment activity, with PGIM deploying hundreds of millions in both debt and equity in Australia year-to-date.
Strategic Leadership to Drive Growth
PGIM is reinforcing its commitment to the Australian real estate market by establishing two new senior leadership roles. The firm has brought in two industry veterans to oversee its debt and equity strategies, aiming to capitalize on growth opportunities in the region.
Sam Mellor to Lead Real Estate Debt
Sam Mellor has stepped into the role of head of real estate debt for Australia. His appointment is effective immediately. Mellor will be responsible for overseeing PGIM's Australian real estate debt strategies and managing the portfolio team.
He brings a substantial amount of experience to the position, with over 27 years working in debt markets and portfolio management. His career has spanned both Europe and the Asia-Pacific region, providing him with a broad international perspective.
Mellor's Extensive Background
Prior to joining PGIM, Mellor was the head of Europe and Asia Pacific real estate credit at Barings Asset Management. During his time there, he was instrumental in expanding the company's European credit platform and launching its real estate credit business in the Asia-Pacific market. His previous experience also includes senior positions at Chenavari Investment Managers and ABN AMRO Bank.
Stuart Carr to Oversee Real Estate Equity
Stuart Carr will join PGIM in December 2025 as the head of real estate equity for Australia. In this capacity, Carr will lead the equity transaction team and manage origination, investment execution, and divestment activities across the country.
Carr has more than two decades of experience in the Australian real estate sector, specializing in development and transactions. His deep understanding of the local market is expected to be a significant asset for PGIM's equity platform.
Most recently, Carr served as the head of investment strategy and origination at Dexus. At Dexus, he played a key role in growing the firm's alternatives business and managed the deployment of opportunistic funds across various sectors in Australia. He also previously held senior roles at Lendlease.
A Clear Focus on the Australian Market
Both Mellor and Carr will be based in Sydney and will report to Steve Bulloch, who serves as the head of Australia for PGIM's real estate business and the head of Asia Pacific real estate debt. The appointments underscore the strategic importance of Australia to PGIM's broader regional goals.
"Australia remains a strategic growth driver for PGIM’s real estate business in Asia Pacific," commented Steve Bulloch. "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."
The creation of these dedicated leadership roles for debt and equity is a clear indicator of PGIM's intent to deepen its presence and capabilities within the Australian real estate landscape.
Significant Investment Activity and Performance
PGIM's leadership expansion builds on a period of strong performance and active investment in the region. Last year, the firm launched its first dedicated Australian real estate debt strategy, which has since generated a robust pipeline of investment opportunities and seen strong capital deployment.
The firm's transaction volume highlights its active presence in the market. In the first three quarters of 2025, PGIM completed 17 transactions in the Asia-Pacific region, valued at nearly $1.9 billion. Nine of these transactions were conducted in Australia, spanning the office, industrial, retail, and living sectors.
Australian Investment by the Numbers (Year-to-Date 2025)
- Real Estate Debt: The firm completed five debt transactions totaling AU$283 million (approximately $188 million).
- Growing Debt Pipeline: An additional four loans are currently in documentation, which will bring the total year-to-date debt deployment to over AU$500 million.
- Real Estate Equity: The Australian team has invested a further AU$660 million in gross asset value on the equity side this year.
These figures demonstrate a balanced and aggressive investment approach across both debt and equity classes. The new leadership is expected to build upon this momentum, leveraging their extensive networks and market knowledge to identify and execute new opportunities for PGIM and its clients.
