PGIM Real Estate and Osborne agree multi-million-pound joint venture in Build to Rent
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 US$1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The venture will provide circa £250m of capital towards the strategy of acquiring land, delivery and stabilisation of new BTR urban developments.
This partnership is a demonstration of PGIM Real Estate’s commitment to bringing high-quality affordable accommodation to the market. To address the living needs of a new generation, the team continues to focus on BTR in the affordable space as a high growth long-term strategic conviction.
Osborne Developments Director, David Walters, said:
“Following the recent sale of our Infrastructure business, this joint venture is part of our strategic plan focusing on the future success of Osborne. PGIM Real Estate’s substantial investment in this JV is a fantastic show of confidence in our business and we have a strong management team with a wealth of experience in place to take it forward. This venture with PGIM Real Estate allows us to focus on the current pipeline and securing new BTR opportunities. This a fundamental part of our developments business, and complemented by our other activities, including student accommodation and single-family housing utilising our off-site manufacturing business.”
