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Exhibit (l)

April 30, 2026

PIMCO Flexible Real Estate Income Fund

650 Newport Center Drive

Newport Beach, California 92660

Dear Ladies and Gentlemen:

We have acted as counsel for PIMCO Flexible Real Estate Income Fund (the “Fund”), a trust duly organized and validly existing under the laws of the State of Delaware, in connection with Post-Effective Amendment No. 23 to the Fund’s Registration Statement on Form N-2 (the “Registration Statement”) relating to the issuance and sale by the Fund of an indefinite number of authorized shares of beneficial interest under the Securities Act of 1933, as amended (the “1933 Act”), and under the Investment Company Act of 1940, as amended. We have examined such governmental and corporate certificates and records as we deemed necessary to render this opinion and we are familiar with the Fund’s Declaration of Trust and its By-Laws.

Based upon the foregoing, we are of the opinion that the shares of beneficial interest of the Fund’s series proposed to be sold pursuant to the Registration Statement, when paid for as contemplated in the Registration Statement, will be legally and validly issued, fully paid and non-assessable.

This opinion is limited to the Delaware Statutory Trust Act, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware. The opinion expressed herein is given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the use of our name in the Fund’s Registration Statement to be dated on or about April 30, 2026 and in any revised or amended versions thereof. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act and the rules and regulations thereunder.

 

Very truly yours,

/s/ Dechert LLP

Dechert LLP