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Residential acquisition for PRUPIM

PRUPIM, the real estate investment management arm of M&G Investments, has completed the acquisition of residential assets from The Berkeley Group Holdings, with the deal being partially funded by the Homes and Communities Agency (HCA).

Costing £105.4 million, the residential portfolio covers 13 locations across London, the south-east and southern England, and consists of 534 private rented properties in total.

Richard Hill, interim chief executive officer at the HCA, noted the deal highlights the long-term benefits for investors that can be made by putting their funds into UK housing.

At present, PRUPIM is among the 20 largest real estate fund managers in the UK.

Alex Jeffrey, chief executive of PRUPIM, said: "We're acquiring a diverse portfolio of high quality properties, while Savills contributes its considerable experience of the day-to-day management of rental homes. This is the sort of portfolio that would fit well within a fund dedicated to the rental sector."

He added that the constrained supply and demand dynamic for residential property in these areas ensures this investment offers considerable scope for growth in the years ahead.

The HCA also recently announced it is set to act swiftly to implement home building investment across the country, as set out in the recent Budget.

A £4.5 billion injection into the UK home building sector was revealed by the chancellor last month, with the HCA tasked with allocation of much of this fund to bring about a considerable increase in new build starts in the coming years.

Mr Hill commented following the announcement: "Investment in housing meets the aspirations of homeowners and provides choice to renters, while being a key driver of local economic growth; creating jobs in construction and the wider supply chain, helping employers to attract the staff they need, and stimulating buying activity in the local economy." 

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