PGGM buys up more UK residential real estate

FlatsDutch pension fund PGGM and one of its asset managers have bought more homes as part of their build-to-rent investment in the UK where a property shortage exists. The flats (pictured) are in Salford, a borough of Manchester, and form part of a property portfolio of build-to-rent homes that Legal & General Capital (LGC) describes as a new asset class. PGGM and LGC, which is part of Legal & General Investment Management (LGIM) announced their joint venture in the housing-starved UK’s private rented sector in February. The partnership will initially invest £600 million (€754 million) into building purpose-built private rental housing across the UK, providing over new 3,000 homes. Bill Hughes, head of LGIM Real Assets, said: “Successful international comparisons [of the affordable, rental sector], such as the Netherlands, Germany and US, demonstrate to us that the UK has a long way to go and we believe that through professionalising the private rental sector we are able to encourage better standards across the board.” See here and here for more analysis. ©2016 fund europe

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