The Arborfield Green development will comprise 114 private rental homes and marks the third PRS partnership between Crest Nicholson and M&G Real Estate. The mix of one and two-bedroom apartments are scheduled to be completed in late 2019.
M&G Real Estate's previous deals with Crest Nicholson include the investor's £51.5m purchase of 227 PRS units at Crest Nicholson's Kilnwood Vale development, near Crawley in West Sussex - the country's first low-rise suburban apartment development.
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Alex Greaves, Head of Residential Investment at M&G, said: "The Thames Valley region continues to attract significant investment including provision of offices for major global corporations. This is a high value area of the south east where young people, couples and families struggle to get on the housing ladder - there is a clear and ongoing need for good quality homes for those looking for flexibility and affordability outside of London.
"It is a fantastic opportunity to partner with Crest Nicholson for a third time and I firmly believe that as we do our part to put pension fund money to good use within society, that institutional investors will continue to find the case for residential as compelling as we do."
Chris Tinker, Board Director at Crest Nicholson, added: "The delivery of this purpose designed suburban PRS scheme is a further exciting step in Crest Nicholson's drive to explore new models of housing delivery."
(LM/MH)
