PGIM Real Estate’s European core real estate strategy has bought a residential property as its first UK acquisition.

The manager said its European core strategy has paid an undisclosed amount to buy the Centre Square residential asset in High Wycombe, Buckinghamshire.

The 123 multifamily rental units consist of primarily one-bed and two-bed apartments, with over 110 parking spaces and three commercial units, currently under development.

Charles Crowe, head of transactions, UK at PGIM Real Estate, said: “We are pleased to have made the first UK acquisition on behalf of our European core strategy.

“We believe the private rental and build-to-rent sectors in the UK offer compelling investment opportunities and will look to enhance our exposure to this market. We are confident this asset supports our aim to deliver long-term outperformance with low volatility through cashflow diversification.”

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