PGIM Real Estate, Cornwall Pension Fund complete first co-invest acquisition in England
PGIM Real Estate and Cornwall Pension Fund have acquired a site and provided forward funding for the development of a single-family rental housing scheme in Cornwall, England.
The acquisition is on behalf of a co-investment between Cornwall Pension Fund and PGIM Real Estate United Kingdom’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 I