Canada Pension Plan Investment Board (CPP Investments) has partnered with global real estate investment company Kennedy Wilson to launch a new single-family rental housing joint venture in the United Kingdom. CPP Investments will initially commit £500 million ($647.7 million), with Kennedy Wilson committing £56 million ($72.5 million). The joint venture will have an initial target of approximately £1 billion ($1.3 billion) of asset value, including leverage, with the potential to commit further capital depending on market opportunities. CPP Investments will hold 90 percent of the venture and Kennedy Wilson will hold a 10 percent ownership interest moving forward.
Through partnerships with housebuilders, the joint venture will target energy-efficient, new-build housing stock in strong and growing local economies that offer residents excellent connectivity, attractive local amenities and proximity to strong employment prospects and educational institutions.
The invest
