PGIM Real Estate has acquired a 25% stake in UK regional property development and management business Langtree on behalf of an investment strategy.
The real estate manager said the multi-million-pound deal will provide Langtree with the financial resources to boost its activities.
Langtree, which was founded five years ago, is behind schemes such as Wire Regeneration, a mixed-use town centre redevelopment of Warrington’s southern gateway and the science and technology park, SciTech Daresbury, also in Cheshire.
Langtree’s model includes a number of third-party management contracts comprising industrial, office and residential for clients that include PGIM Real Estate.
Charles Crowe, head of UK transactions at PGIM Real Estate, said the company had worked with the Langtree team for more than 10 years on numerous ventures.
Crowe said Langtree already manages over £400m of investment and development assets on PGIM Real Estate’s behalf and “so taking an equity share in the development business was a natural next step”.
“Langtree has a strong management team with a wide range of expertise and together with the strengths that we can bring to the business, we are excited about the future and keen to start exploring new opportunities.”
John Downes, Langtree’s CEO and majority shareholder, said: “PGIM Real Estate has tremendous strength in depth and a wealth of experience supporting joint ventures, which is a key aspect of our business.
“Their investment is a real show of confidence in what we are doing and gives Langtree a tremendous platform to grow, with new opportunities now being a real target.”
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