LGPS Central, Wolverhampton, England appointed PGIM Real Estate to manage £40 million ($53 million) in its U.K. affordable housing strategy.
The decision marks LGPS Central’s commitment to deliver robust returns, while addressing the need for affordable housing in the U.K, a Oct. 3 news release said.
“PGIM were chosen due to their investment approach aligning with our own in ensuring that the investments contribute positively to society and the environment," said Mike Hardwick, investment director for property at LGPS Central, in the release.
“With PGIM’s proven expertise and solid track record in property investing, we are confident this partnership will enhance the UK’s housing stock and benefit communities across the country,” Hardwick added.
Authorized and regulated by the Financial Conduct Authority, LGPS manages about £30 billion on behalf of its local authority pension fund members. Those pension funds have a combined about £61 billion in assets.
