PGIM Real Estate has bought a 123-apartment build-to-rent scheme in High Wycombe, Buckinghamshire, for £31.5m from Inland Homes.
The acquisition of Centre Square is the first UK transaction for the company’s European core strategy. Charles Crowe, head of transactions for the UK at PGIM Real Estate, described the UK’s private rental and build-to-rent sectors as offering “compelling investment opportunities” and said the company will look to make further acquisitions.
The site, close to the town’s Eden Shopping Centre, includes one- and two-bedroom apartments, with more than 110 parking spaces and three commercial units under development.
In its own statement on the deal, Inland Homes said the development is expected to be complete by next March, with £15.75m of the consideration paid now and monthly payments through to practical completion.
In an interview with EG last month, PGIM Real Estate chief executive Eric Adler singled out the PRS market as a sector to which he wants the firm to grow its exposure in the UK, describing residential as “very resilient” for an investor that picks “the right spot”.
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