PGIM acquires Goldman Sachs residential portfolio
PGIM Real Estate has acquired Goldman Sachs’ 918-home UK single-family home portfolio, located across 15 schemes in Manchester and Liverpool.
PGIM’s £204.4bn real estate investment business made the acquisition through its UK Affordable Housing strategy.
PGIM Real Estate says its UK Affordable Housing strategy aims to delivers private rental housing at affordable rents for working families and co-renters.
PGIM Real Estate has acquired Goldman Sachs’ 918-home UK single-family home portfolio, located across 15 schemes in Manchester and Liverpool.
PGIM’s £204.4bn real estate investment business made the acquisition through its UK Affordable Housing strategy.
PGIM Real Estate says its UK Affordable Housing strategy aims to delivers private rental housing at affordable rents for working families and co-renters.
The investment allows the strategy to continue its focus on ESG provision, with the aim to improve the homes’ energy efficiency.
Since its launch in December 2020 the strategy has committed nearly £300m across 27 different housing schemes, providing just over 1,500 homes.
The acquisition of the Goldman Sachs’ portfolio makes PGIM Real Estate one of the largest private owners of single-family rental housing in the UK.
Charles Crowe, senior portfolio manager of the UK Affordable Housing strategy and managing director and head of UK Investments at PGIM Real Estate, said: “Despite challenging market conditions, our conviction in UK single-family rental remains strong, as the sector continues to provide a mutually beneficial opportunity to deliver safe, high-quality homes for families, whilst providing sustainable income for our investors.”
Knight Frank advised and acted on behalf of PGIM Real Estate and Savills acted on behalf of Goldman Sachs Asset Management.
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