Crest Nicolson and M&G Real Estate have extended their long-term relationship with a third UK private-rented sector (PRS) partnership.

The companies have joined forces to fund the construction of 114 private rental homes in Arborfield Green, a new Berkshire garden village in south-east England.

The M&G UK Residential Property Fund will finance the one and two-bedroom apartments, which will be ready for occupation in late 2019.

Arborfield Green is the third PRS partnership between Crest Nicholson and M&G Real Estate and marks over £100m (€113.5m) of deals made under the investor/house builder arrangement established in 2015.

Alex Greaves, ‎the head of residential investment at M&G Real Estate, said: “It is a fantastic opportunity to partner with Crest Nicholson for a third time and I firmly believe that as we do our part to put pension fund money to good use within society, that institutional investors will continue to find the case for residential as compelling as we do.”

Chris Tinker, a board director at Crest Nicholson, said: “Stimulating new housing markets such as the private rental sector is the only way that the industry and Government will be able to accelerate housing delivery and meet ambitious home building targets.

”Purpose-designed PRS schemes are complementary to our open market and affordable housing offers, whilst working in partnership with M&G Real Estate will again help us to broaden our tenure base and create diverse communities.”