PGIM Real Estate is investing in a UK residential property on behalf of its European core strategy.

The manager is forward funding a multifamily development of 135 private homes for rent with Osborne Developments, a deal which marks PGIM Real Estate’s second acquisition in the UK residential sector.

The latest acquisition is located on Pelham Street in Brighton, East Sussex is expected to be completed in 2023.

Paul Stanford, head of UK and Ireland at PGIM Real Estate, said: “This acquisition, which is our second residential rental transaction in the UK, aligns perfectly with our European core strategy. The UK residential sector offers defensive fundamentals and attractive long-term growth potential.

”The development is an important component in the regeneration of Brighton’s New England Quarter and will create a thriving community in the heart of the city, a sub-market that has suffered from a significant under-supply of high-quality rental accommodation over the years.”

To read the digital edition of the latest IPE Real Assets magazine click here.