PGIM Real Estate has made its first acquisition in the United Kingdom on behalf of the investors in its European core strategy. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.3 trillion global investment management business of Prudential Financial.
The residential property that has been acquired, known as Centre Square, consists of 123 multifamily rental units, situated on a central site in High Wycombe, Buckinghamshire.
The residential units consist of primarily one-bedroom and two-bedroom apartments, with more than 110 parking spaces and three commercial units. The commercial units, currently under development, provide amenities for the tenants and operators, such as a reception area and residents’ lounge and breakout/communal areas.
A commuter town, High Wycombe offers access to London in less than half an hour, while direct rail services also serve the key economic hubs of Oxford and Birmingham. The property, which
