Prupim, the real estate investment management arm of M&amp;G Investments, is to buy a £105.4 million portfolio of homes for private rent from the Berkeley Group.<br> <br> The real estate investment manager has exchanged contracts on Berkeley's portfolio, comprising 534 private rental units in 13 locations in Greater London, the south east and southern England. The homes are expected to be completed in June 2013, at which point Prupim will take on the management of the portfolio. Berkeley will become a minority investor while Savills will manage the day-to-day running of the homes once the transaction is complete.<br> <br> Berkeley delivered the homes in partnership with the HCA under the 2009 Private Rented Sector initiative, using HCA funding.<br> <br> Rob Perrins, Berkeley's md, said: "The Private Rented Sector Initiative was a pioneering way to provide high quality, professionally managed and affordable rented homes across London and the south east.<br> <br> "This announcement is an excellent example of a public and private partnership working together to deliver against an ambition to attract long term institutional funding into the private rented sector."