PGIM RE acquires single-family housing portfolio from Goldman Sachs

PGIM Real Estate has acquired a large portfolio of UK single-family homes located in Manchester and Liverpool from Goldman Sachs Asset Management, for an undisclosed sum. The acquisition has been made via PGIM Real Estate’s UK Affordable Housing strategy. PGIM Real Estate is the US$204.4bn (£175bn) real estate investment business of PGIM. The portfolio comprises 918 single-family rental homes located across 15 schemes. The real estate company said that the portfolio aligns with the aims of PGIM Real Estate’s UK Affordable Housing strategy as it delivers private rental housing at “affordable” rents for working families and co-renters. The investment also allows the strategy to continue its focus on the environmental, social and governance (ESG) provision, with the aim to improve the energy efficiency of the homes. Since its launch in December 2020 and with this acquisition, approximately £300m has been committed to 27 different housing projects, providing just over 1,500 houses. The company claimed that this makes PGIM Real Estate “one of the largest” private owners of single-family rental housing in the UK. Knight Frank advised and acted on behalf of PGIM Real Estate, and Savills acted on behalf of Goldman Sachs Asset Management. Charles Crowe, senior portfolio manager of the UK Affordable Housing strategy and head of UK Investments at PGIM Real Estate, said: “We are delighted to have made this acquisition as it ensures that much-needed rental housing is available to tenants at affordable rents, at a time of high inflation and a cost-of-living squeeze. “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.” Chris Semones, managing director in the real estate business at Goldman Sachs Asset Management, added: “We are pleased to have concluded the sale of this high-quality, professionally managed rental portfolio to PGIM Real Estate. Continued investment in the UK housing sector is crucial to delivering much-needed supply of high-quality private rental homes. We would like to thank Pitmore for their partnership in managing the portfolio.”

PGIM RE acquires single-family housing portfolio from Goldman Sachs

The portfolio comprises 918 single-family rental homes located across 15 schemes

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