Site acquired for Cornwall housing development

PGIM Real Estate and Cornwall Pension Fund have acquired a site and provided forward funding for the development of a single-family rental housing scheme in Cornwall.The acquisition is on behalf of a co-investment between Cornwall Pension Fund and PGIM Real Estate UK’s affordable housing strategy.The 67-unit development, 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, 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.”Saskia Secker, senior portfolio analyst – private markets, Brunel Pension Partnership, added: “These 67 new homes in Camborne are a great example of sustainable brownfield regeneration on a site that has been empty for years. It is thanks to PGIM Real Estate and Salboy that these homes can be constructed in this very difficult housing market.”