Kennedy Wilson and joint venture partner Canada Pension Plan Investment Board (CPP Investments) have exchanged contracts on the acquisition of 788 units for their UK single-family rental housing platform for £300m.
The units have been acquired through 10 separate transactions and the deal is being financed through a £500m five-year debt facility from Goldman Sachs. Goldman Sachs will also provide a subscription facility to the JV.
The 788 units, which are located across 10 development sites in Northampton, Nottingham, Hemel Hempstead, Watford, Wokingham, Bristol, Cheltenham and Didcot, have been acquired from companies including Barratt Redrow, Miller Homes, Wavensmere, Persimmon Homes, Taylor Wimpey and Kier Property/Vistry.
Since the JV was announced in October 2024, circa £700m has been committed to scale the platform to approximately 2,000 homes across the UK.
Mike Pegler, president of Kennedy Wilson Europe, said: “These acquisitions deliver further growth for the JV 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, added: “Reaching 2,000 homes is a key milestone for our JV 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.”
