PGIM Real Estate, investing on behalf of its UK affordable housing strategy, has bought a portfolio of 918 single-family homes from Goldman Sachs Asset Management.

The $204.4bn (€190bn) real estate investment manager’s UK Affordable Housing strategy has invested an undisclosed sum to buy the assets located in Manchester and Liverpool across 15 schemes.

Charles Crowe, senior portfolio manager of the UK Affordable Housing strategy and head of UK investments at PGIM Real Estate, said that, despite challenging market conditions, the firm’s “conviction in UK single-family rental remains strong, as the sector continues to provide a mutually beneficial opportunity to deliver safe, high-quality homes for families, whilst providing sustainable income for our investors”.

UK Affordable Housing, launched in December 2020, has so far invested £300m across 27 different housing schemes, PGIM Real Estate said.

Chris Semones, managing director in the real estate business at Goldman Sachs Asset Management, said: “We are pleased to have concluded the sale of this high-quality, professionally managed rental portfolio to PGIM Real Estate.

“Continued investment in the UK housing sector is crucial to delivering much-needed supply of high-quality private rental homes. We would like to thank Pitmore for their partnership in managing the portfolio.”

IPE Real Assets reported in January 2021 that Goldman Sachs and residential property operator Pitmore had bought a £150m (€170m) portfolio of build-to-rent single-family homes in the UK from Gatehouse Bank. The portfolio, known as the Thistle portfolio at the time, comprised 918 units of predominantly two and three-bedroom homes in the North West of England.

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