PGIM Real Estate, Osborne U.K. BTR JV makes first investment, acquiring site for build-to-rent housing

PGIM Real Estate and Osborne Developments have acquired a site in central Reading to develop build-to-rent (BTR) homes.

This is the first investment made by the two firms on behalf of the joint venture launched earlier this year targeting BTR opportunities in the south, southeast and southwest of England. The completed development will meet the joint venture’s environmental targets and will be directly owned and operated.

The site is currently a vacant office building and car park in a sustainable location, and benefits from a current application to deliver 131 homes. Construction will commence in 2023 and will be completed in early 2025. The design of the property will incorporate high environmental and social credentials, including photovoltaic panels, electric vehicle charging points, shared internal amenity spaces, and rooftop gardens.

The joint venture is being funded in part by PGIM Real Estate’s European value-add strategy, focusing on BTR in the aff