FUNDRAISING NEWS | October 07, 2024
British pension scheme LGPS Central Ltd has named PGIM Real Estate to manage its £40M (~$53M) UK affordable housing strategy.
According to an October 3 press release, the core real estate strategy will concentrate on purchasing single-family homes to be leased at an affordable rate to working families and co-renters. It is the pension’s first allocation as seed investor through the UK Residential Indirect Property Partnership, alongside partner funds Cheshire, Derbyshire, and Staffordshire Pension Funds.
To date, LGPS said it oversees combined assets of approximately £61B (~$80B) with its partner funds, with investments in pooled private market strategies now over £5 billion (~$6.5B), 25% of which are made in the UK.
