Greystar Acquires 904-Home Elephant Park BTR Portfolio From CPP Investments and Lendlease

LONDON — Greystar has acquired a 904-home build-to-rent portfolio at Elephant Park in Elephant & Castle, London, from CPP Investments (CPP Investments) and international real estate group Lendlease, the parties announced June 26, 2026.

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

Net proceeds from the sale will be approximately C$670 million to CPP Investments and A$260 million to Lendlease. The transaction is expected to close by the end of June 2026, subject to customary closing conditions. The total transaction price, cap rate and price per unit were not disclosed.

Portfolio Overview: Four Buildings, Zone 1 Location

The portfolio comprises four purpose-built rental residential buildings — Park Central West, Park Central East, City Lights Point and Parkside — completed between 2021 and 2024 within the broader £2.5 billion Elephant Park regeneration scheme. The assets offer studios through three-bedroom homes, alongside amenities including fitness facilities, co-working spaces, resident lounges and landscaped gardens.

The site sits approximately four minutes on foot from Elephant & Castle station, providing direct connections to the City of London and the West End from a Zone 1 location. All four buildings hold EPC B energy performance ratings and WELL certification. The wider Elephant Park precinct carries a 5-star GRESB Rating, according to Lendlease.

Greystar Expands London BTR Footprint Through GEPE II

For Greystar, the Elephant Park acquisition expands its Momento portfolio in London, following the addition of Barking Wharf — a 595-home build-to-rent community in East London — in 2025. The Charleston, South Carolina-based firm entered the UK market in 2013 and today manages more than 60,000 student accommodation beds and multifamily apartments across the country.

Daniel Breeden, Senior Managing Director – Investment, Europe, Greystar, said the portfolio represented "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," Breeden said. "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."

Globally, Greystar manages and operates over $300 billion of real estate across 265 markets, with more than one million units and beds under management. The firm reports over $79 billion of assets under management across its platforms.

CPP Investments and Lendlease Exit After More Than a Decade

CPP Investments and Lendlease first invested in the Elephant Park build-to-rent partnership in 2015. Over more than 10 years, the two organizations worked together on delivery, lease-up and stabilization of the portfolio, as well as contributing to the regeneration of the Elephant & Castle area.

Tom Jackson, Managing Director and Head of Real Estate Europe at CPP Investments, said the sale follows the delivery of the final building in the portfolio in 2024. "The portfolio sale represents an opportunity to crystalize value for the CPP Fund and recycle capital into other investment opportunities," Jackson said.

Jackson added that 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 professionally managed rental accommodation in major urban markets. The Canada Pension Plan Fund totaled C$793.3 billion as of March 31, 2026.

Penny Ransom, Chief Executive Officer of Investment Management at Lendlease, said the transaction reflects the firm's placemaking capabilities and commitment to sustainable living in the UK. "We are proud to have partnered with CPP Investments on the substantial urban renewal of Elephant Park and its enduring contribution to the community," Ransom said, citing the precinct's 5-star GRESB Rating and award-winning recognition.

Sources

CPP Investments – Elephant Park Residential Portfolio Transaction Announcement, June 26, 2026