UK: Wise Living has announced has been appointed by PGIM Real Estate to manage and let a 918-home SFR portfolio in the north-west of England.
Located across 15 different schemes in Manchester and Liverpool, the portfolio was purchased last year by PGIM Real Estate’s UK Affordable Housing strategy. As of March 2024, the portfolio has invested more than £300 million across 28 different housing schemes.
Wise Living has worked with PGIM Real Estate since 2021 and now undertakes property management across PGIM Real Estate’s affordably let SFH portfolio. The company offers a full range of investment, development and property management services, and has been operating for more than 10 years.
Paul Staley, managing director of Wise Living, said: “It’s an exciting time to be in the Build to Rent market and within SFH specifically. We’re seeing private landlords exit the market more and more and, within those still operating, much of the stock available just isn’t up to scratch and isn’t to the standard that today’s renter expects. This is where SFH Build to Rent comes in, offering a solution to this growing problem and filling the market with high-quality, professionally managed homes which offer a solution to both institutional investors and the growing list of hardworking families that want somewhere safe, warm and sustainable to live.”
“With this new appointment we’re proud to now be one of the UK’s biggest SFH managers, after operating in the space for a decade. At the end of 2023, we reported that we experienced double-digit market rental growth across the homes that we managed at Wise Living, with increasingly stable occupancy rates now sitting just over 98 per cent. Though indicative of a strong market, this is also a testament to our team’s ability to truly harness the power of community, which in turn makes every development a sought-after place to live. With this new portfolio, we’ll manage and let the schemes in-house, delivering a high quality and industry-leading standard of care. We’ve also actively expanded our existing team to deliver this substantial project,” he added.
