After recently launching its UK Affordable Housing Fund, PGIM Real Estate has acquired its first portfolio of single-family BTR homes from Nottingham-based Wise Living.
Located in seven cities and towns across the Midlands and the North of England, the portfolio comprises of five stabilised assets and three development sites covering 314,000 sq ft.
These sites will deliver a total of 433 units comprising predominantly of two and three-bed homes. After acquiring the portfolio directly from Wise Living, Wise Living will continue to work closely with PGIM going forward in order to source new opportunities together.
Wise Living’s dedicated, in-house team will also continue to manage the stabilised properties and the developments once they are complete.
Unveiled in February, PGIM Real Estate’s UK Affordable Housing Fund invests in and develops single-family homes with a focus on rents that are affordable for working people and families across the UK.
It raised £190 million of initial capital from the Northern LGPS and Brunel Pension Partnership. The Fund is managed by an experienced team of investment professionals including senior portfolio manager, Paul Dennis-Jones and head of UK transactions, Charles Crowe.
Charles Crowe says: “We are delighted to make our first investment for the strategy and to
link source - East Midlands Business Link - Property