PGIM to build affordable housing in Cornwall

PGIM Real Estate and Cornwall Pension Fund are to build an affordable housing scheme in Cornwall, UK.

The 67-unit single-family housing scheme, located in Tuckingmill, Camborne, is being developed with strong ESG credentials, with homes being let at affordable rents and incorporating energy efficient technologies.

The investment is the first for the co-investment scheme between PGIM and the local government pension fund, which aims to acquire, hold and manage affordably let single-family rental housing in Cornwall.

Oscar Kingsbury, portfolio manager of the UK affordable housing strategy at PGIM Real Estate said: “Whilst Cornwall is a popular tourist destination, it is also one of the most economically challenged regions in the country. There is significant demand for high-quality, energy efficient housing, let at affordable rents. 

“The aim of our co-investment with Cornwall Pension Fund is to help to alleviate the shortage of affordable rental accommodation in the region. The investment in Camborne will deliver much needed housing for working people and families, whilst producing sustainable income for the co-investors.”

Since its launch in December 2020, PGIM’s UK Affordable Housing strategy has committed over £300 million across 28 different housing schemes, providing just over 1,650 homes.