Thursday, June 17, 2021

PGIM Real Estate acquires portfolio of BTR homes from Nottingham-based Wise Living

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 work with the experienced team at Wise Living. At PGIM Real Estate, we have a strong track record in affordable housing, making our first investment in the UK back in 2016.

“Our recently launched strategy aims to alleviate the major supply/demand imbalance within UK affordable housing, benefitting working people and families, as well as income-focused investors.

“Despite recent economic uncertainty as a result of Covid-19, suburban areas and smaller towns with a greater emphasis on housing over apartments are reporting much stronger rental growth than city centre markets.”

Andy Deller, Chief Executive Officer at Wise Living, says: “This is a significant transaction and marks the beginning of our new collaboration with PGIM Real Estate. We will be working together to secure further sites for it to invest in over the coming months and years.

“It’s an exciting project that will be a key part of our ongoing strategy to deliver rental homes to undersupplied suburban areas in the UK.

“The partnership is underpinned by the fact that we share the same values and view of the private-rental-sector and will enable both businesses to push forward with plans to help meet the growing demand from UK families for quality rental homes.”

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