The London Real Estate Industry team advised global real estate investment manager, Kennedy Wilson, on the formation of a joint venture with Canada Pension Plan Investment Board (“CPP Investments”) to invest in single family housing (“SFH”) real estate in the UK (the “JV”). CPP Investments will initially commit £500 million, with Kennedy Wilson committing £56 million. The JV is targeting a gross asset value of £1 billion, with the potential to commit further capital depending on market opportunities.
The JV will be managed by Kennedy Wilson who have seeded the JV with properties from two existing SFH developments: Barratt Redrow’s housing development project in Norwich, where Kennedy Wilson is now leasing the first phase of completed homes, and Miller Homes’ housing development project in Stevenage, which is expected to deliver its first completed houses in the second quarter of 2025.
Kennedy Wilson is a leading real estate investment company with over $27 billion of assets under management in high growth markets across the United States, the UK, and Ireland.
The Goodwin team was led by David Evans and Adnan Bhaiji and included Indy Sohal, Katie Leah, Matt Birchall, Katie Sharkey, Jake Simons, Sumiyya Ghauri, Glynn Barwick, Gretchen Scott and Alex Mulligan.
For additional details on the transaction, please read the press release.