CPPIB co-invests in U.K. residential real estate
BY Staff | June 26, 2020
The Canada Pension Plan Investment Board and Lendlease Corp. are strengthening their partnership with a new approximately £85 million investment, split 50/50, in the build-to-rent sector.
The investment will go towards 123 new build-to-rent homes in south London’s Elephant Park neighbourhood.
It marks the organizations’ second co-investment this year. In February, they announced an approximately £80 million investment in the construction of an 18-storey building, also split 50/50. The partnership is a continuation of the CPPIB’s relationship with Lendlease that began in 2018.
“The build-to-rent sector in the U.K. continues to be supported by long term trends, particularly in London and other major U.K. cities,” said Andrea Orlandi, managing director and head of real estate for Europe at the CPPIB, in a press release. “Private rentals are an increasingly attractive and flexible option for households. The Elephant Park project continues to move ahead towards completion for the first phase and our latest financial commitment will help to progress this landmark regeneration project. It also extends our positive, broader relationship with Lendlease, which seeks to identify further investment and regeneration development opportunities in the U.K.”