PGIM Real Estate has raised £190 million ($260 million) for its new open-ended U.K. Affordable Housing Fund, the firm announced on Feb. 1.
Investors include the Northern LGPS, which combines the assets of Greater Manchester Pension Fund, Merseyside Pension Fund and West Yorkshire Pension Fund; and Brunel Pension Partnership, which brings together some £30 billion ($41 billion) in investments from 10 public pension funds across West and South West England.
PGIM said the vehicle will invest in and develop affordable housing for working people and families across the United Kingdom. The fund will have the potential to deploy up to £250 million ($342 million) at launch.
“With a major supply/demand imbalance within U.K. affordable housing, PGIM Real Estate’s strong track record in this space provides a mutually beneficial opportunity for working people and families in the U.K., as well as for income-focused investors,” said Charles Crowe, head of U.K. transa
