Lendlease is close to securing £1bn of funding from the Canada Pension Plan Investment Board for a new build-to-rent platform.
CPPIB is in pole position to partner with Lendlease on its residential developments, providing all of the funding for a number of schemes, including a BTR project in its £2bn Elephant Park regeneration in Southwark, SE1.
Lendlease has planning permission for four residential schemes, with plans for further growth in its joint venture.
The Elephant Park masterplan includes about 2,500 homes on the former Heygate Estate and will be completed in phases up to 2025.
If completed, the deal will be the latest major PRS deal CPPIB has agreed in the UK, having provided £800m with Wells Fargo and AIG to Quintain last year for its 4,800-home Wembley Park project.
CBRE is advising Lendlease on the deal.
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