Lendlease and CPPIB Financially Reinforce BTR Partnership in UK
Posted on 06/26/2020
Canadian pensions see Build-to-Rent as an institutional real estate sector in the U.K. Private rentals are an increasingly attractive and flexible option for households. Lendlease and Canada Pension Plan Investment Board (CPPIB) continue to build out their venture in the Build-to-Rent sector in the United Kingdom. Both parties confirmed that they have agreed another approximate £85 million of investment to help fund 123 new Build-to-Rent homes at Elephant Park in south London. This is the second major investment between the two organizations for 2020. With this latest investment, CPP Investments and Lendlease will each invest 50%.
In February 2020, they announced an £80 million investment to begin construction of an 18-storey building with 118 Build-to-Rent homes at Elephant Park.
The partnership between Lendlease and CPPIB was first announced in 2018 when they agreed an initial target of investing £1.5 billion in the sector. Lendlease will develop, construct and manage the Build-to-Rent homes on behalf of the partnership.
Lendlease is working in partnership with Southwark Council to deliver Elephant Park, a £2.5 billion regeneration project.