PGIM Real Estate has kick started an investment programme for the Cornwall Pension Fund to supply more affordable homes.
The investment manager said it had acquired the first site and provided forward funding for the development of a single-family rental housing scheme in part of the south west county.
In the UK, the Brunel Pension Partnership has helped Cornwall create a Cornwall Local Impact portfolio. The platform was created in 2022. Cornwall Pension Fund co-invests in opportunities alongside PGIM UK Affordable Housing strategy, which so has far committed over €300 mln (€345 mln) since launching in December 2020.
The Brunel Pension Partnership is a pool of pension funds. It has made £38 bn (€43 bn) of investments for 10 funds: Avon, Buckinghamshire, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire.
Saskia Secker, senior portfolio analyst, private markets, at Brunel Pension Partnership, said: ‘We are delighted to announce the first local affordable housing investment on behalf of the Cornwall Local Impact Portfolio. These 67 new homes in Camborne are a great example of sustainable brownfield regeneration on a site that has been empty for years.’
