Kennedy Wilson has exchanged on the purchase of more than 650 units from three housebuilders across seven sites for £213m on behalf of its single-family rental housing joint venture with Canada Pension Plan Investment Board.
Launched in October 2024, the joint venture was seeded with more than 220 units from Barratt Redrow in Norwich and Miller Homes in Stevenage.
The JV has exchanged on the 650 additional units with Wavensmere Homes, Barratt Redrow and Cala Homes at sites in Bedford, Cambridge, Derby, Didcot, Great Dunmow, Ipswich and Wolverhampton.
Mike Pegler, president of Kennedy Wilson Europe, said: “In the short space of three months, we have successfully executed on our pipeline and amassed a portfolio of over 900 units across the UK, establishing ourselves as one of the most active players in the UK single-family rental housing sector.
“We are seeing strong appetite from leading housebuilders to form new partnerships and strengthen existing relationships as they look to make ‘build-to-rent’ housing a key strategic pillar within their businesses. As a result, we have benefitted from a number of repeat deals which have significantly increased our pipeline, enabling the partnership to continue deploying capital at speed and scale.”
The portfolio of units acquired from Wavensmere Homes comprises 131 homes currently under construction at the housebuilders’ £75m redevelopment of Friar Gate Goods Yard in Derby city centre (pictured), and 131 homes at the £150m Wolverhampton Canalside South site, where construction work will commence imminently.
James Dickens, managing director of Wavensmere Homes, said: “We are thrilled to announce this significant deal, bringing institutional capital from a major global investor into regeneration sites that had long been derelict in the centres of Derby and Wolverhampton. We continue to see huge demand for eco-focused single-family housing that’s close to major centres of employment, retail and leisure, with extensive healthcare, public transport, and education provision.
“This transaction enables us to accelerate our construction programme, delivering homes for local people, whilst supporting local supply chains at Derby’s Friar Gate Goods Yard and Wolverhampton Canalside South. An additional 145 open market houses and apartments at Friar Gate, and a further 450 mixed-tenure homes at Canalside South, will become available in-line with our build programmes.”
Barratt Redrow was advised by Knight Frank
