PGIM Real Estate, on behalf of a value-add investment strategy, has entered into a joint venture with Madison Cairn, a newly formed division of Cairn Group, to target the recovering UK hotel sector. PGIM Real Estate is the US$209.3 billion real estate business of PGIM. Cairn is an integrated investor, developer and operator in UK leisure, with a portfolio of 33 hotels and a 50-year track record in the industry.
The joint venture will seek to acquire, develop and reposition hotels in the UK with a focus on domestic leisure demand, which has shown strong signs of post-pandemic recovery. In particular, the venture considers that key ‘staycation’ destinations and selected other UK locations are likely to outperform in the current geopolitical environment.
The team has already secured a strong pipeline of activity, with the joint venture’s first investment in Brighton, one of the UK’s most attractive hotel markets. The property, which is close to the train station, is expected to be open for trading later this year.
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