Greystar Acquires £2.5 Billion Elephant Park Portfolio from CPP Investments and Lendlease
Event summary
- Greystar acquires a 904-home build-to-rent portfolio at Elephant Park, London from CPP Investments and Lendlease for approximately C$670 million and A$260 million respectively.
- The transaction was funded through Greystar's €2.7 billion Greystar Equity Partners Europe II fund (GEPE II), the largest pan-European value-add residential fund ever raised.
- CPP Investments and Lendlease initially invested in 2015, delivering four purpose-built rental buildings completed between 2021 and 2024 within the £2.5 billion Elephant Park regeneration scheme.
- The portfolio includes studios to three-bedroom homes with EPC B ratings and WELL certification, offering strong transport connectivity and modern resident amenities.
The big picture
This transaction underscores the growing appeal of build-to-rent (BTR) assets in major urban markets, driven by structural housing demand and demographic trends. CPP Investments' exit highlights the maturity of the BTR sector, while Greystar's acquisition strategy aligns with its focus on operational excellence and value creation through high-quality, well-connected rental properties.
What we're watching
- Portfolio Performance
- How Greystar's operational excellence will drive long-term value in the Elephant Park portfolio.
- Capital Recycling
- Whether CPP Investments can effectively recycle capital into other attractive residential real estate opportunities.
- Market Expansion
- The pace at which Greystar will expand its presence in key European markets through GEPE II's €6.8 billion investment capacity.
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