PGIM Real Estate has made a second acquisition in the U.K. residential sector on behalf of the investors in its European core strategy. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial.
PGIM Real Estate will forward fund a multifamily development of 135 private homes for rent in conjunction with Osborne Developments. The property is located on Pelham Street in Brighton, East Sussex, and will be developed with strong environmental, social and governance (ESG) credentials, including photovoltaic panels for green energy supply alongside communal gardens, gym and co-working spaces. Osborne Developments, a U.K.- based development company, will deliver the property alongside Osborne Construction, acting as main contractor, with practical completion anticipated in 2023.
“This acquisition, which is our second residential rental transaction in the United Kingdom, alig
