PGIM Real Estate forms French social and affordable senior housing JV

PGIM Real Estate has established an investment partnership with French subsidized housing specialist developer Groupe UNITI. 

The shortage of social housing is critical across France, with more than 2 million households awaiting affordable accommodation and delivery amounting to only 100,000 new homes every year. The lack of affordable senior housing is even more severe, particularly in regional cities where new projects are extremely limited.

Jocelyn de Verdelon, PGIM Real Estate head of France, said, “The shortage of subsidized housing, including social, intermediate and affordable senior housing, highlights a serious lack of funding despite high demand across all French regions. With nearly €600 million [$675 million] in transactions in 2018, we want to pursue value creation by positioning ourselves in this segment through a partnership that will be both a driver