CPP Investments and Lendlease have sold the Elephant Park rental portfolio in London to Greystar, a global real estate investment firm, according to a joint announcement. The transaction includes over 1,500 rental homes, making it one of the largest build-to-rent deals in the UK.
Details of the Sale
The portfolio comprises apartments and townhouses within the Elephant Park development, a large-scale regeneration project in South London. The sale includes both completed and under-construction units. CPP Investments and Lendlease had jointly developed the rental component of the project since 2018.
"This transaction demonstrates the strength of the UK rental market and the quality of the Elephant Park development," said a spokesperson for CPP Investments. "We are pleased to have partnered with Lendlease on this successful project."
Impact on the Market
Greystar plans to manage the properties as part of its UK build-to-rent portfolio. The acquisition expands Greystar's presence in London, where it already operates several rental communities. Financial terms of the deal were not disclosed.
"Elephant Park is a landmark regeneration project, and we are excited to add these homes to our portfolio," said a Greystar representative. "We look forward to providing high-quality rental housing to residents."
Background on Elephant Park
Elephant Park is a mixed-use development built on the site of the former Heygate Estate. It includes over 3,000 homes, retail space, and public parks. The rental component sold to Greystar represents a significant portion of the project's housing.
The sale is expected to close later this year, subject to regulatory approvals. CPP Investments and Lendlease will continue to own and manage other parts of the Elephant Park development, including affordable housing and commercial spaces.
