The companies will fund the construction of a second phase of private rented sector properties (PRS) in Berkshire, providing a total of 218 private rental homes with communal facilities.
This phase will deliver a further 104 private rental homes in new garden village Arborfield Green.
The M&G UK Residential Property Fund, managed by Alex Greaves, will finance the one and two-bedroom apartments.
Chris Tinker, Interim Chief Executive at Crest Nicholson, commented: "Partnerships continue to be a major part of our growth strategy to diversify tenures and accelerate construction across some of our larger sites. Working with M&G Real Estate allows us not only to reach a broader customer base through PRS, but to also deliver homes at a faster rate using modern methods of construction.
-- Advertisement --
"As housebuilders we need to make a concerted effort to partner with other experts in the industry if we are to meet the government's ambitious new homes targets. Drawing on expertise from across the sector gives us the tools to do this at speed, without ever compromising on quality."
Alex Greaves, Head of Residential Investment at M&G Real Estate, added: "This latest partnership builds on our development pipeline and provides our investors with another opportunity to capitalise on the UK's fast expanding private rental market. We are very happy to partner with Crest Nicholson again to create high quality homes providing entry level accommodation in suburban locations with top class amenities."
The second phase of PRS in Berkshire will be ready for occupation in 2020.
(CM/JG)
