Kennedy Wilson and Canada Pension Plan Investment Board’s (CPP Investments) UK single-family housing (SFH) investment partnership has deployed an additional £300m (€343m).
The new capital will grow the firms’ residential platform to approximately 2,000 homes across the UK. The partnership has agreed to acquire a further 788 single-family rental units through 10 separate transactions.
The acquisition is being financed via a previously announced £500m five-year debt facility from Goldman Sachs. Goldman Sachs will also provide a subscription facility to the partnership.
Since October 2024, the Kennedy Wilson and CPP Investments platform has secured £700m in commitments, including £500m in equity from CPP Investments. Kennedy Wilson maintains a 10% stake and acts as the operator. The joint venture is currently progressing a pipeline of 1,000 units and aims to reach a 4,500-home portfolio.
Mike Pegler, president, Kennedy Wilson Europe, said: “These acquisitions deliver further growth for the joint venture in strategic locations in the UK where demand for rental housing is acute.
“We have established strong relationships with leading housebuilders and are already under offer on further units as we continue to scale the platform to our target of 4,500 homes.”
Tom Jackson, managing director and head of real estate Europe at CPP Investments, said: “Reaching 2,000 homes is a key milestone for our joint venture with Kennedy Wilson and our continued investment into this venture aligns with our Real Estate strategy, to undertake scalable investments, into high quality assets and deliver attractive risk-adjusted returns for the CPP Fund.
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