PGIM appoints Wise Living to 918-home SFH portfolio

PGIM Real Estate has appointed Wise Living to manage and let its 918-home portfolio, located across 15 schemes in Manchester and Liverpool.  PGIM’s UK Affordable Housing strategy acquired the portfolio from Goldman Sachs in March last year. Since its launch in December 2020, PGIM’s strategy has committed nearly £300m across 28 different housing schemes, providing just over 1,500 homes. Wise Living has partnered with PGIM Real Estate since 2021 and now undertakes property management across the company’s affordably let SFH portfolio. Paul Staley, managing director at Wise Living said: “It’s an exciting time to be in the BTR market and within SFH specifically. We’re seeing private landlords exit the market more and more and, within those still operating, much of the stock available just isn’t up to scratch and isn’t to the standard that today’s renter expects. This is where SFH BTR comes in, offering a solution to this growing problem and filling the market with high-quality, professionally managed homes. “At the end of 2023 we reported that we experienced double-digit market rental growth across the homes that we managed at Wise Living, with increasingly stable occupancy rates now sitting just over 98%.”