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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 28-04-2026 11:02:27 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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					<link:label xlink:type="resource" xlink:label="label_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liquidity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityRiskMember" xlink:to="label_LiquidityRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ManagementRiskMember" xlink:label="ManagementRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ManagementRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Management Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementRiskMember" xlink:to="label_ManagementRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_DelayInUseOfProceedsRiskMember" xlink:label="DelayInUseOfProceedsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_DelayInUseOfProceedsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Delay in Use of Proceeds Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelayInUseOfProceedsRiskMember" xlink:to="label_DelayInUseOfProceedsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_BestEffortsOfferingMember" xlink:label="BestEffortsOfferingMember"/>
					<link:label xlink:type="resource" xlink:label="label_BestEffortsOfferingMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Best Efforts Offering [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BestEffortsOfferingMember" xlink:to="label_BestEffortsOfferingMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CompetitionRiskMember" xlink:label="CompetitionRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CompetitionRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Competition Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompetitionRiskMember" xlink:to="label_CompetitionRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_NonDiversificationRiskMember" xlink:label="NonDiversificationRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_NonDiversificationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Non Diversification Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDiversificationRiskMember" xlink:to="label_NonDiversificationRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IlliquidInvestmentRiskMember" xlink:label="IlliquidInvestmentRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_IlliquidInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Illiquid Investment Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IlliquidInvestmentRiskMember" xlink:to="label_IlliquidInvestmentRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RealEstateInvestmentRiskMember" xlink:label="RealEstateInvestmentRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RealEstateInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Real Estate Investment Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentRiskMember" xlink:to="label_RealEstateInvestmentRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_MarketDisruptionsRiskMember" xlink:label="MarketDisruptionsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MarketDisruptionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Disruptions Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketDisruptionsRiskMember" xlink:to="label_MarketDisruptionsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CommercialRealEstateIndustryRiskMember" xlink:label="CommercialRealEstateIndustryRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CommercialRealEstateIndustryRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Commercial Real Estate Industry Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialRealEstateIndustryRiskMember" xlink:to="label_CommercialRealEstateIndustryRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_PrivateCommercialRealEstateRiskMember" xlink:label="PrivateCommercialRealEstateRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_PrivateCommercialRealEstateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Private Commercial Real Estate Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrivateCommercialRealEstateRiskMember" xlink:to="label_PrivateCommercialRealEstateRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_SingleTenantRiskMember" xlink:label="SingleTenantRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_SingleTenantRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Single Tenant Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SingleTenantRiskMember" xlink:to="label_SingleTenantRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_LitigationRiskMember" xlink:label="LitigationRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LitigationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Litigation Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LitigationRiskMember" xlink:to="label_LitigationRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_InsuranceRiskMember" xlink:label="InsuranceRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_InsuranceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Insurance Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceRiskMember" xlink:to="label_InsuranceRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_EnvironmentalRiskMember" xlink:label="EnvironmentalRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_EnvironmentalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Environmental Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EnvironmentalRiskMember" xlink:to="label_EnvironmentalRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_JointVentureRiskMember" xlink:label="JointVentureRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_JointVentureRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Joint Venture Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVentureRiskMember" xlink:to="label_JointVentureRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_InvestmentsInREITsRiskMember" xlink:label="InvestmentsInREITsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_InvestmentsInREITsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investments in REITs Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInREITsRiskMember" xlink:to="label_InvestmentsInREITsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RecourseFinancingsRiskMember" xlink:label="RecourseFinancingsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RecourseFinancingsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Recourse Financings Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecourseFinancingsRiskMember" xlink:to="label_RecourseFinancingsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ValuationRiskMember" xlink:label="ValuationRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ValuationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Valuation Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationRiskMember" xlink:to="label_ValuationRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember" xlink:label="RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember"/>
					<link:label xlink:type="resource" xlink:label="label_RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks Related to Specific Private Commercial Real Estate Property Types [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember" xlink:to="label_RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ResidentialRealEstateRiskMember" xlink:label="ResidentialRealEstateRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ResidentialRealEstateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Residential Real Estate Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResidentialRealEstateRiskMember" xlink:to="label_ResidentialRealEstateRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_MortgageLoanRiskMember" xlink:label="MortgageLoanRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MortgageLoanRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mortgage Loan Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MortgageLoanRiskMember" xlink:to="label_MortgageLoanRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_MezzanineLoanRiskMember" xlink:label="MezzanineLoanRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MezzanineLoanRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mezzanine Loan Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MezzanineLoanRiskMember" xlink:to="label_MezzanineLoanRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CertainAffiliationsMember" xlink:label="CertainAffiliationsMember"/>
					<link:label xlink:type="resource" xlink:label="label_CertainAffiliationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Certain Affiliations [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CertainAffiliationsMember" xlink:to="label_CertainAffiliationsMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:label="MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mortgage Related and Other Asset Backed Instruments Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:to="label_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RisksRelatedToInvestmentsInPubliclyTradedREITsMember" xlink:label="RisksRelatedToInvestmentsInPubliclyTradedREITsMember"/>
					<link:label xlink:type="resource" xlink:label="label_RisksRelatedToInvestmentsInPubliclyTradedREITsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks Related to Investments in Publicly Traded REITs [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksRelatedToInvestmentsInPubliclyTradedREITsMember" xlink:to="label_RisksRelatedToInvestmentsInPubliclyTradedREITsMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RepurchaseOffersRiskMember" xlink:label="RepurchaseOffersRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RepurchaseOffersRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Repurchase Offers Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepurchaseOffersRiskMember" xlink:to="label_RepurchaseOffersRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_HighYieldSecuritiesRiskMember" xlink:label="HighYieldSecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_HighYieldSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">High Yield Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HighYieldSecuritiesRiskMember" xlink:to="label_HighYieldSecuritiesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CapitalMarketsRiskMember" xlink:label="CapitalMarketsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CapitalMarketsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Capital Markets Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalMarketsRiskMember" xlink:to="label_CapitalMarketsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_LeverageRiskMember" xlink:label="LeverageRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LeverageRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Leverage Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeverageRiskMember" xlink:to="label_LeverageRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_AdditionalRisksRelatingToTheFundsPreferredSharesMember" xlink:label="AdditionalRisksRelatingToTheFundsPreferredSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_AdditionalRisksRelatingToTheFundsPreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Additional Risks Relating to the Funds Preferred Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalRisksRelatingToTheFundsPreferredSharesMember" xlink:to="label_AdditionalRisksRelatingToTheFundsPreferredSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:label="PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember"/>
					<link:label xlink:type="resource" xlink:label="label_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Potential Conflicts of Interest Risk Allocation of Investment Opportunities [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:to="label_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_GeopoliticalConflictsRiskMember" xlink:label="GeopoliticalConflictsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_GeopoliticalConflictsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Geopolitical Conflicts Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeopoliticalConflictsRiskMember" xlink:to="label_GeopoliticalConflictsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CyberSecurityRiskMember" xlink:label="CyberSecurityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CyberSecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cyber Security Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CyberSecurityRiskMember" xlink:to="label_CyberSecurityRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_NonUSInvestmentRiskMember" xlink:label="NonUSInvestmentRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_NonUSInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Non U S Investment Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUSInvestmentRiskMember" xlink:to="label_NonUSInvestmentRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_PropertyManagerRiskMember" xlink:label="PropertyManagerRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_PropertyManagerRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Property Manager Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyManagerRiskMember" xlink:to="label_PropertyManagerRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_PrivacyAndDataSecurityRiskMember" xlink:label="PrivacyAndDataSecurityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_PrivacyAndDataSecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Privacy and Data Security Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrivacyAndDataSecurityRiskMember" xlink:to="label_PrivacyAndDataSecurityRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RegulatoryChangesRiskMember" xlink:label="RegulatoryChangesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RegulatoryChangesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Regulatory Changes Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RegulatoryChangesRiskMember" xlink:to="label_RegulatoryChangesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RiskRetentionInvestmentRiskMember" xlink:label="RiskRetentionInvestmentRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RiskRetentionInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risk Retention Investment Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiskRetentionInvestmentRiskMember" xlink:to="label_RiskRetentionInvestmentRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RisksOfInvestingInPrivateRealEstateInvestmentFundsMember" xlink:label="RisksOfInvestingInPrivateRealEstateInvestmentFundsMember"/>
					<link:label xlink:type="resource" xlink:label="label_RisksOfInvestingInPrivateRealEstateInvestmentFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks of Investing in Private Real Estate Investment Funds [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksOfInvestingInPrivateRealEstateInvestmentFundsMember" xlink:to="label_RisksOfInvestingInPrivateRealEstateInvestmentFundsMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_RisksRelatedToTheFundsREITStatusMember" xlink:label="RisksRelatedToTheFundsREITStatusMember"/>
					<link:label xlink:type="resource" xlink:label="label_RisksRelatedToTheFundsREITStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks Related to the Funds REIT Status [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksRelatedToTheFundsREITStatusMember" xlink:to="label_RisksRelatedToTheFundsREITStatusMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_TaxRisksOfInvestingInTheFundMember" xlink:label="TaxRisksOfInvestingInTheFundMember"/>
					<link:label xlink:type="resource" xlink:label="label_TaxRisksOfInvestingInTheFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Risks of Investing in the Fund [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxRisksOfInvestingInTheFundMember" xlink:to="label_TaxRisksOfInvestingInTheFundMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_InstClassMember" xlink:label="InstClassMember"/>
					<link:label xlink:type="resource" xlink:label="label_InstClassMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Inst Class [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InstClassMember" xlink:to="label_InstClassMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassA3Member" xlink:label="ClassA3Member"/>
					<link:label xlink:type="resource" xlink:label="label_ClassA3Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class A 3 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassA3Member" xlink:to="label_ClassA3Member"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassA4Member" xlink:label="ClassA4Member"/>
					<link:label xlink:type="resource" xlink:label="label_ClassA4Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class A 4 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassA4Member" xlink:to="label_ClassA4Member"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassFMember" xlink:label="ClassFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ClassFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class F [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassFMember" xlink:to="label_ClassFMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_CommonSharesMember" xlink:label="CommonSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_CommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonSharesMember" xlink:to="label_CommonSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassA3CommonSharesMember" xlink:label="ClassA3CommonSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_ClassA3CommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class A 3 Common Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassA3CommonSharesMember" xlink:to="label_ClassA3CommonSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassA4CommonSharesMember" xlink:label="ClassA4CommonSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_ClassA4CommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class A 4 Common Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassA4CommonSharesMember" xlink:to="label_ClassA4CommonSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_ClassFCommonSharesMember" xlink:label="ClassFCommonSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_ClassFCommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Class F Common Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassFCommonSharesMember" xlink:to="label_ClassFCommonSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_PreferredSharesMember" xlink:label="PreferredSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_PreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Preferred Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredSharesMember" xlink:to="label_PreferredSharesMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouRedeemYourSharesInstitutionalClassMember" xlink:label="IfYouRedeemYourSharesInstitutionalClassMember"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouRedeemYourSharesInstitutionalClassMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Redeem Your Shares Institutional Class [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouRedeemYourSharesInstitutionalClassMember" xlink:to="label_IfYouRedeemYourSharesInstitutionalClassMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouRedeemYourSharesClassA3Member" xlink:label="IfYouRedeemYourSharesClassA3Member"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouRedeemYourSharesClassA3Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Redeem Your Shares Class A 3 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouRedeemYourSharesClassA3Member" xlink:to="label_IfYouRedeemYourSharesClassA3Member"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouRedeemYourSharesClassA4Member" xlink:label="IfYouRedeemYourSharesClassA4Member"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouRedeemYourSharesClassA4Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Redeem Your Shares Class A 4 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouRedeemYourSharesClassA4Member" xlink:to="label_IfYouRedeemYourSharesClassA4Member"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouRedeemYourSharesClassFMember" xlink:label="IfYouRedeemYourSharesClassFMember"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouRedeemYourSharesClassFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Redeem Your Shares Class F [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouRedeemYourSharesClassFMember" xlink:to="label_IfYouRedeemYourSharesClassFMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouDoNotRedeemYourSharesClassA4Member" xlink:label="IfYouDoNotRedeemYourSharesClassA4Member"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouDoNotRedeemYourSharesClassA4Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Do Not Redeem Your shares Class A 4 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouDoNotRedeemYourSharesClassA4Member" xlink:to="label_IfYouDoNotRedeemYourSharesClassA4Member"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_IfYouDoNotRedeemYourSharesClassFMember" xlink:label="IfYouDoNotRedeemYourSharesClassFMember"/>
					<link:label xlink:type="resource" xlink:label="label_IfYouDoNotRedeemYourSharesClassFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">If You Do Not Redeem Your shares Class F [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IfYouDoNotRedeemYourSharesClassFMember" xlink:to="label_IfYouDoNotRedeemYourSharesClassFMember"/>
					<link:loc xlink:type="locator" xlink:href="#pfreif_DerivativesRisksMember" xlink:label="DerivativesRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_DerivativesRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Derivatives Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesRisksMember" xlink:to="label_DerivativesRisksMember"/>
				</link:labelLink>
			</link:linkbase>
		</appinfo>
	</annotation>
	<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
	<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
	<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
	<import namespace="http://xbrl.sec.gov/dei/2025" schemaLocation="https://xbrl.sec.gov/dei/2025/dei-2025.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef-pre/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025_pre.xsd"/>
	<import namespace="http://xbrl.sec.gov/fnd-cef-pre/2025" schemaLocation="https://xbrl.sec.gov/fnd/2025/fnd-cef-2025_pre.xsd"/>
	<element name="InvestmentAndMarketRiskMember" id="pfreif_InvestmentAndMarketRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DistributionRateRiskMember" id="pfreif_DistributionRateRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LiquidityRiskMember" id="pfreif_LiquidityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ManagementRiskMember" id="pfreif_ManagementRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DelayInUseOfProceedsRiskMember" id="pfreif_DelayInUseOfProceedsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BestEffortsOfferingMember" id="pfreif_BestEffortsOfferingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CompetitionRiskMember" id="pfreif_CompetitionRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="NonDiversificationRiskMember" id="pfreif_NonDiversificationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IlliquidInvestmentRiskMember" id="pfreif_IlliquidInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RealEstateInvestmentRiskMember" id="pfreif_RealEstateInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MarketDisruptionsRiskMember" id="pfreif_MarketDisruptionsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CommercialRealEstateIndustryRiskMember" id="pfreif_CommercialRealEstateIndustryRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PrivateCommercialRealEstateRiskMember" id="pfreif_PrivateCommercialRealEstateRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SingleTenantRiskMember" id="pfreif_SingleTenantRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LitigationRiskMember" id="pfreif_LitigationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InsuranceRiskMember" id="pfreif_InsuranceRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="EnvironmentalRiskMember" id="pfreif_EnvironmentalRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="JointVentureRiskMember" id="pfreif_JointVentureRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InvestmentsInREITsRiskMember" id="pfreif_InvestmentsInREITsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RecourseFinancingsRiskMember" id="pfreif_RecourseFinancingsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ValuationRiskMember" id="pfreif_ValuationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember" id="pfreif_RisksRelatedToSpecificPrivateCommercialRealEstatePropertyTypesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ResidentialRealEstateRiskMember" id="pfreif_ResidentialRealEstateRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MortgageLoanRiskMember" id="pfreif_MortgageLoanRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MezzanineLoanRiskMember" id="pfreif_MezzanineLoanRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CertainAffiliationsMember" id="pfreif_CertainAffiliationsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" id="pfreif_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RisksRelatedToInvestmentsInPubliclyTradedREITsMember" id="pfreif_RisksRelatedToInvestmentsInPubliclyTradedREITsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RepurchaseOffersRiskMember" id="pfreif_RepurchaseOffersRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="HighYieldSecuritiesRiskMember" id="pfreif_HighYieldSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CapitalMarketsRiskMember" id="pfreif_CapitalMarketsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LeverageRiskMember" id="pfreif_LeverageRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AdditionalRisksRelatingToTheFundsPreferredSharesMember" id="pfreif_AdditionalRisksRelatingToTheFundsPreferredSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" id="pfreif_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GeopoliticalConflictsRiskMember" id="pfreif_GeopoliticalConflictsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CyberSecurityRiskMember" id="pfreif_CyberSecurityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="NonUSInvestmentRiskMember" id="pfreif_NonUSInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PropertyManagerRiskMember" id="pfreif_PropertyManagerRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PrivacyAndDataSecurityRiskMember" id="pfreif_PrivacyAndDataSecurityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RegulatoryChangesRiskMember" id="pfreif_RegulatoryChangesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RiskRetentionInvestmentRiskMember" id="pfreif_RiskRetentionInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RisksOfInvestingInPrivateRealEstateInvestmentFundsMember" id="pfreif_RisksOfInvestingInPrivateRealEstateInvestmentFundsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RisksRelatedToTheFundsREITStatusMember" id="pfreif_RisksRelatedToTheFundsREITStatusMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="TaxRisksOfInvestingInTheFundMember" id="pfreif_TaxRisksOfInvestingInTheFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InstClassMember" id="pfreif_InstClassMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassA3Member" id="pfreif_ClassA3Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassA4Member" id="pfreif_ClassA4Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassFMember" id="pfreif_ClassFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CommonSharesMember" id="pfreif_CommonSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassA3CommonSharesMember" id="pfreif_ClassA3CommonSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassA4CommonSharesMember" id="pfreif_ClassA4CommonSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ClassFCommonSharesMember" id="pfreif_ClassFCommonSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PreferredSharesMember" id="pfreif_PreferredSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouRedeemYourSharesInstitutionalClassMember" id="pfreif_IfYouRedeemYourSharesInstitutionalClassMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouRedeemYourSharesClassA3Member" id="pfreif_IfYouRedeemYourSharesClassA3Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouRedeemYourSharesClassA4Member" id="pfreif_IfYouRedeemYourSharesClassA4Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouRedeemYourSharesClassFMember" id="pfreif_IfYouRedeemYourSharesClassFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouDoNotRedeemYourSharesClassA4Member" id="pfreif_IfYouDoNotRedeemYourSharesClassA4Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IfYouDoNotRedeemYourSharesClassFMember" id="pfreif_IfYouDoNotRedeemYourSharesClassFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DerivativesRisksMember" id="pfreif_DerivativesRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
</schema>
