The fund has agreed to support Court Collaboration’s acquisition and subsequent development of a build-to-rent scheme in Birmingham, West Midlands
A European debt fund managed by PGIM Real Estate is investing in a UK build-to-rent (BTR) scheme through Court Collaboration.
The PGIM Real Estate Capital VII (PRECap VII) fund has agreed to support Court Collaboration’s acquisition and subsequent development of a build-to-rent scheme in Birmingham, West Midlands.
The development includes 550 apartments with a range of amenities, subject to planning consent.
Andrew Macland, the head of European debt for PGIM Real Estate, said: This financing loan demonstrates our continued focus on ‘create core’ real estate assets in liquid markets such as the UK.
This focus is driven by the structural trends we identify in residential, a sector seeing a strong generational shift in living needs, with rising demand for premium housing, he said.
Having engaged with Court Collaboration for nearly two years, we are confident in their experience and network of strong local developers partnerships to be able to deliver this scheme and look forward to working together, he said.
Alex Neale, managing director at Court Collaboration, said: The site is in a prime location for BTR and our high-quality development will complement the neighbouring City Centre Gardens, Paradise re-development and Centenary Square.
Leader of Birmingham City Council, Ian Ward, said: This is another huge vote of confidence in Birmingham and I’m delighted that PGIM Real Estate is joining forces with Court to deliver this exciting development.
It’s testament to our confidence and ambition as a city that a nearly $2trn fund has joined forces with one of our own home-grown SME developer companies, he said.
He said: This is a golden decade of opportunity for Birmingham and the timing of the news of this fantastic partnership, as we countdown the final few days to the Commonwealth Games, could not be better.
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