has formed a development partnership with Groupe UNITI and acquired a stake in the French social housing developer.
The manager鈥檚 pan-European value-add fund and UNITI will commit nearly 鈧�35m to the newly formed UNITI Croissance joint venture, to deliver over 鈧�200m worth of new homes.
PGIM Real Estate said UNITI Croissance will be focused on social, intermediate and affordable senior housing, with some private rented sector unit.
The PGIM Real Estate fund will also take a 35% equity stake in UNITI to help support the social housing developer鈥檚 growth.
Jocelyn de Verdelon, PGIM Real Estate head of France, said: 鈥淭he shortage of subsidised housing, including social, intermediate and affordable senior housing, highlights a serious lack of funding despite high demand across all French regions.
鈥淲ith nearly 鈧�600m in transactions in 2018, we want to pursue value creation by positioning ourselves in this segment through a partnership that will be both a driver for social cohesion and long-term investment performance.鈥�
St茅phane Oria, Groupe UNITI CEO, said: 鈥淲e are proud to welcome a partner like PGIM Real Estate among our shareholders to deliver UNITI Croissance.
鈥滲eyond financing support, this partnership will allow us to benefit from PGIM Real Estate鈥檚 strategic expertise.鈥�
