PGIM Real Estate has made its first acquisition in the UK on behalf of the investors in its European core strategy.
The real estate investment and financing business of Prudential Financial’s global investment management business has bought the Centre Square residential asset, consisting of 123 multifamily rental units, situated on a central site in High Wycombe, Buckinghamshire.
The residential units consist primarily of one-bed and two-bed apartments, with over 110 parking spaces and three commercial units. The commercial units, currently under development, provide amenities for the tenants and operators such as a reception area and residents lounge and breakout/communal areas.
The property, which is adjacent to the regionally dominant Eden Shopping Centre, is also just a 25-minute drive from Heathrow Airport and within a short walking distance of public transport links.
Charles Crowe, head of transactions, UK at PGIM Real Estate, commented: ‘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.’
