Investment giant looking to build 3,000 multi-family homes
M&G Investments is investing £1bn into building more than 3,000 build-to-rent homes in London and regional cities through a vehicle with an Asian pension fund.
The global asset manager said it will invest money on behalf of the fund, which it is not naming, along with investment from its own With Profits Fund.
M&G and the Asian pension fund have both injected £300 million of equity into the vehicle, which will then use debt to create a portfolio worth more than £1bn.
The investment will go into funding multi-family housing over the next three years.
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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.”
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