PGIM Real Estate, on behalf of European Value Partners II (EVP II), has agreed to enter into a joint venture with Osborne Developments for a multi-million-pound investment strategy targeting build-to-rent (BTR) multifamily opportunities in the South, Southeast and Southwest of England. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial Inc. (NYSE: PRU).
The venture will provide £250 million (€292 million/$329 million) of capital toward the strategy of acquiring land, delivering and stabilizing new BTR urban developments. The significant investment in the joint venture recognizes the cost and program efficiencies of integrated partnerships. The venture itself supports PGIM Real Estate’s significant investment-management capabilities, alongside Osborne’s strong developer/contractor platform, in order that the venture can grow its activities in the BTR sector.
