CPP Investments, Greystar and Lendlease Announce Elephant Park Residential Portfolio Transaction

LONDON, June 26, 2026 /CNW/ - Greystar, a global leader in the investment, development and management of rental housing, has announced the acquisition of a 904-home build-to-rent portfolio at Elephant Park in Elephant & Castle, London, from Canada Pension Plan Investment Board (CPP Investments) and international real estate group, Lendlease.

The transaction was funded through Greystar's flagship Greystar Equity Partners Europe II fund (GEPE II), which reached final close earlier this month at more than €2.7 billion in total commitments, making it the largest pan-European value-add residential fund ever raised. GEPE II has more than €6.8 billion of investment capacity across acquisitions and development opportunities in key European markets.

Since CPP Investments' and Lendlease's initial investment in 2015 through its Build-to-Rent (BTR) partnership, it has delivered four purpose-built rental residential buildings – Park Central West, Park Central East, City Lights Point and Parkside – completed between 2021 and 2024 within the £2.5 billion Elephant Park regeneration scheme. The multi-award-winning assets offer studios through to three-bedroom homes, alongside resident amenities including fitness facilities, co-working spaces, resident lounges and landscaped gardens and benefit from strong transport connectivity, modern resident amenities, and the broader placemaking of the Elephant Park neighbourhood. All four buildings hold EPC B ratings and WELL certification.

Daniel Breeden, Senior Managing Director – Investment, Europe, Greystar, said: "Elephant Park represents a rare opportunity to acquire a large-scale, operational build-to-rent portfolio in a well-connected Zone 1 location. The combination of asset quality, connectivity and access to major employment centres aligns strongly with our investment strategy and with the type of opportunities we are seeking to execute through GEPE II.

"What excites us about this opportunity is the ability to build on the strong foundations already established at Elephant Park. In rental housing, long-term performance is driven by execution at the asset level, from resident experience and customer service to leasing and operations. We believe that focus on operational excellence is one of the clearest ways to create value over time, and it sits at the heart of our investment approach."

Tom Jackson, Managing Director, Head of Real Estate Europe, CPP Investments, said: "Elephant Park has been an important investment for CPP Investments in the U.K. Build-to-Rent sector and reflects our ability to partner with leading developers to deliver high-quality, ambitious rental housing in major global cities. With the final building in the portfolio delivered in 2024 and now established, the portfolio sale represents an opportunity to crystalize value for the CPP Fund and recycle capital into other investment opportunities. CPP Investments continues to view residential real estate, including student, single-family and senior housing as an attractive sector, supported by structural housing demand, demographic trends and the need for different types of high-quality, professionally managed rental accommodation in major urban markets."

Over the more than 10-year partnership, CPP Investments and Lendlease have worked closely together to support the delivery, lease-up and stabilization of the portfolio, as well as contributing to the regeneration and transformation of the Elephant & Castle area, into a vibrant mixed-use residential destination. The project's central location, excellent public transport links and high-quality amenities have made it an attractive location for young professionals and families. The site sits four minutes on foot from Elephant & Castle station, with direct connections to the City of London and the West End, providing residents with access to some of London's largest employment centres from a well-connected Zone 1 location.

Penny Ransom, Chief Executive Officer, Investment Management, Lendlease said: "We are proud to have partnered with CPP Investments on the substantial urban renewal of Elephant Park and its enduring contribution to the community. The precinct demonstrates Lendlease's strong placemaking capabilities in the UK and focus on sustainable living, evidenced by Elephant Park's leading 5-star GRESB Rating and award-winning recognition."

Net proceeds to CPP Investments and Lendlease will be approximately C$670 million and A$260 million, respectively, with the transaction expected to close by the end of June 2026, subject to customary closing conditions. 

The acquisition further expands Greystar's Momento portfolio following the addition of Barking Wharf, a 595-home build-to-rent community in East London, in 2025. Since entering the UK market in 2013, Greystar has built a substantial presence across the country's rental housing sector through investment, development and operations. Today, the firm manages more than 60,000 student accommodation beds and multifamily apartments across the UK.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments^™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2026, the Fund totalled C$793.3 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Greystar 
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in 265 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than one million units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including over $35 billion of development assets and approximately $36.5 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.

About Lendlease
Lendlease is an international real estate group listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. The combination of these three segments provides us with a sustainable competitive advantage in delivering innovative solutions for our customers. For more information, please visit: www.lendlease.com

SOURCE Canada Pension Plan Investment Board

For more information: CPP Investments, Public Affairs & Communications, Frank Switzer, [email protected], Tel: [phone]; Greystar, Media Contacts, [email protected], Gordon Simpson, Alex Felton, Emma Spencer; Lendlease, Communications, Europe, Jonathan Edwards, [email protected], [phone]