Published: October 03, 2024
We are pleased to announce the first investment from our UK Residential Indirect Property Partnership, committing £40 million into PGIM Real Estate’s UK Affordable Housing strategy. This investment marks a key milestone for LGPS Central and our Partner Funds—Cheshire, Derbyshire, and Staffordshire Pension Funds—as seed investors in this important initiative.
The PGIM Real Estate strategy focuses on acquiring single-family homes for let at affordable rents, providing high-quality housing solutions to working families and co-renters. By delivering energy-efficient homes aligned with strong environmental standards, this investment directly addresses the growing need for affordable housing across the UK.
The decision to invest in PGIM Real Estate’s UK Affordable Housing strategy reflects LGPS Central’s commitment to delivering robust returns for our Partner Funds while contributing positively to society and the environment. With PGIM’s proven expertise and solid track record in property investing, we are confident this partnership will enhance the UK’s housing stock and benefit communities across the country.
LGPS Central continues to make strides in its pooled private markets strategies, with commitments from Partner Funds now exceeding £5 billion and 25% of private market capital invested within the UK.
Mike Hardwick, Investment Director for Property at LGPS Central, said:
"We are thrilled to confirm our first investment from the UK Residential Indirect Property Partnership into the PGIM Real Estate’s UK Affordable Housing strategy. This investment underscores our commitment to achieving robust investment returns for our Partner Funds whilst also addressing the critical need for affordable housing in the UK. PGIM were chosen due to their investment approach aligning with our own in ensuring that the investments contribute positively to society and the environment. We believe that PGIM Real Estate’s expertise and proven track record make them the ideal partner to help us deliver high-quality, energy-efficient homes that can make a real difference to communities across the country."
