European real estate debt fund PGIM invests in UK BTR | New

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A European debt fund managed by PGIM Real Estate is investing in a UK build-to-let (BTR) scheme through Court Collaboration.

PGIM Real Estate Capital VII (PRECap VII) fund has agreed to support Court Collaboration’s acquisition and subsequent development of a build-to-let program in Birmingham, West Midlands.

The development comprises 550 apartments with a range of amenities, subject to planning permission.

Andrew Macland, Head of European Debt for PGIM Real Estate, said: “This funding loan demonstrates our continued focus on ‘basic real estate asset creation’ in liquid markets such as the UK.

“This orientation is driven by the structural trends we identify in residential, a sector that is experiencing a strong generational change in living needs, with a growing demand for high-end housing.

“Having partnered with Court Collaboration for nearly two years, we are confident in their experience and network of strong partnerships with local developers to be able to deliver this program and look forward to working together.”

Alex Neale, Managing Director of Court Collaboration, said: “The site is in a prime location for BTR and our high quality development will complement the nearby Downtown Gardens, Paradise redevelopment and Centenary Square.

Birmingham City Council Leader Ian Ward said: “This is another huge vote of confidence in Birmingham and I am delighted that PGIM Real Estate is partnering with Court to deliver this exciting development.

“It speaks to our confidence and ambition as a city that a fund of nearly $2,000,000,000 has partnered with one of our own local SME development companies.

“It’s been a golden decade of opportunity for Birmingham and the timing of the news of this fantastic partnership, as we count down the final days to the Commonwealth Games, couldn’t be better.”

To read the latest edition of the latest IPE Real Assets magazine, click here.

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