M&G Investments

The pension fund has partnered with the UK manager to fund the development of 3,000 rental homes over the next three years.

Core coffers are filling once more as investors see value, but the transaction market remains stunted, according to delegates at Expo Real.

For reasons good and bad, Europe’s largest economy had many tongues wagging at the Messe München this week.

The role played by the region and its domestic institutions on the global private real estate stage has grown meaningfully over the past decade.

While top-level appointments typically involve internal promotions or external hires, recent moves have favored the former.

Tony Brown, who has led M&G Real Estate as global head since 2018, will relocate to Australia with his family at the end of June.

This move comes as the firm approaches full deployment of capital from its first $900m international value-add strategy.

While the country has seen faster repricing than other markets, some see the UK as less attractive for investment for other reasons.

With the 2026 maturity wall looming, sponsors are turning to increased capex to unlock debt, protect income and drive value creation.

The firm’s expansion in the regional sector follows Stoneweg’s acquisition of Cromwell’s European business in 2024.