In their first co-investment acquisition, PGIM Real Estate and Cornwall Council Pension Fund have acquired a site and provided forward funding for the development of a single-family rental housing scheme in Cornwall. The 67-unit scheme is located in Tuckingmill, Camborne, and is being developed with strong sustainability credentials.
This investment is part of PGIM Real Estate UK’s Affordable Housing strategy, and the first for the co-investment scheme, which aims to acquire, hold and manage affordably let single-family rental housing in Cornwall. PGIM Real Estate is the $210 billion real estate investment firm of PGIM.
Todd Wu commented: "We are delighted to have been involved in this transaction, which will have a positive impact on the region and deliver much needed housing to this community. Our experience advising our long-standing client on this matter underlines Mishcon de Reya's expertise in the Build to Rent space and in helping deliver single-housing developments."
The Mishcon de Reya team was led by Todd Wu (Partner, Commercial Real Estate), with assistance from Kavita Mehta, (Managing Associate, Commercial Real Estate), Chloe Chatton (Associate, Commercial Real Estate), Justine Ayto (Partner, Construction), Charles Jordan (Associate, Construction), Jonathan Legg (Partner, Real Estate Tax), Isabella Adams (Managing Associate, Real Estate Tax) and Jessica Davis (Trainee, Real Estate Tax).
With over 130 fee earners including 45 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice.