To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionLendlease and CPPIB team up to invest £1.5b in U.K. BTR sector
Lendlease and Canada Pension Plan Investment Board have launched a £1.5 billion ($2.1 billion) U.K. Build-to-Rent investment partnership.
“In recent decades, structural shifts in the housing market have meant that demand has outstripped supply in the private rented sector, leading to a shortfall of homes in London and across the United Kingdom,” said Dan Labbad, CEO of International Operations at Lendlease.
The partnership will begin with an investment of £450 million ($622 million) in the next phase of new homes, which will be for private rent, at Lendlease’s £2.3 billion ($3.2 billion) Elephant Park development in Elephant & Castle. CPPIB will invest £350 million ($484 million) for 80 percent and Lendlease will invest the balance.
“This investment is a great opportunity for CPPIB to further diversify our European real estate portfolio, while at the same time addressing a need in the United Kingdom,” said Andrea Orlandi, managing director, hea
