PGIM Real Estate has partnered with Osborne Developments to target build-to-rent multifamily opportunities in the UK.
The joint venture, which involves PGIM Real Estate’s European Value Partners II, will provide £250m (€291m) of capital towards the “strategy of acquiring land, delivery and stabilisation of new BTR urban developments”.
The venture will target opportunities in the south, southeast and southwest of England.
Charles Crowe, the head of UK transactions at PGIM Real Estate said: “This venture will see significant capital being deployed to build and develop these high-quality homes in areas with supply shortage, whilst creating value for our investors. We are delighted to work with an established developer such as Osborne and look forward to the venture.”
David Walters, director of Osborne Developments, said: “This venture with PGIM Real Estate allows us to focus on the current pipeline and securing new BTR opportunities. This a fundamental part of our developments business, and complemented by our other activities, including student accommodation and single-family housing utilising our off-site manufacturing business.”
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