Prudential Invests In 'Generation Rent' In £100m Deal

Insurer Prudential is buying more than 500 houses and flats to let in London and the south of England, in a calculated bet on years of good returns from 'Generation Rent'. In a deal worth £105.4m, the Pru's real-estate management arm, Prupim, is buying a portfolio of 534 private rental units from upmarket housebuilder Berkeley. The homes are a mix of studio flats and one, two and three-bedroom houses in 13 locations, including Hendon, Lewisham, Croydon, and Gosport and Cirencester. The deal follows last month's budget announcement from chancellor George Osborne that the "build to rent" fund – intended to boost homes for private rent – would increase to £1bn, from £800m, as the government bids to encourage new homes for rent in a more "professional" private market. Read more on the Guardian website.