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UK: M&G has partnered with an unnamed Asian pension to invest £1 billion in the UK build-to-rent (BTR) sector over the next three years.
M&G said the partners will each put £300 million of equity into a joint venture, which will be supplemented with debt and used to build out a portfolio of 3,000 rental homes. M&G’s equity will come from its £130 billion With Profits Fund.
The JV will focus on London but will also develop in regional cities, including Manchester, Bristol, Birmingham and Leeds.
Martin Towns, global head of M&G Real Estate, said: “This is a powerful demonstration of our business model in action – mobilising international capital to invest into UK housing in a sector where there is a shortage of high quality homes. Through our investment into the real economy we can build more homes where they are most needed, whilst delivering resilient, long-term returns for pension savers in both the UK and internationally.”
