PGIM Real Estate and Cornwall Council Pension Fund have acquired a site and provided forward funding for the development of a single-family rental housing scheme in Cornwall. The acquisition is on behalf of a co-investment between Cornwall Council Pension Fund and PGIM Real Estate UK’s Affordable Housing strategy. PGIM Real Estate is the $210 billion real estate investment firm of PGIM.
The 67-unit single-family housing scheme, located in Tuckingmill, Camborne, is being developed with strong ESG credentials, with homes being let at affordable rents and incorporating energy efficient technologies. The site is in an established residential community, in close proximity to local schools, a hospital, supermarkets and other key amenities.
The investment is the first for the co-investment scheme, which aims to acquire, hold and manage affordably let single-family rental housing in Cornwall. Launched in 2022, the co-investment is one part of the Cornwall Local Impact portfolio, created for Cornwall Pension Fund by LGPS pool Brunel Pension Partnership, which aims to channel LGPS investment into affordable private rental housing and renewables in the county.
Source: pgim.com on the 2nd of November 2023
https://www.pgim.com/real-estate/press-release/pgim-real-estate-and-cornwall-pension-fund-completes-first-co-invest-acquisition