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UK: Greystar has acquired the 904-home build-to-rent (BTR) portfolio at Elephant Park in Elephant & Castle, south London, from Canada Pension Plan Investment Board (CPP Investments) and Lendlease.
The Elephant Park BTR portfolio comprises four buildings – Park Central West, Park Central East, City Lights Point and Parkside, all of which were completed between 2021 and 2024. All offer studios, one-, two- and three-bedroom apartments, alongside amenities including fitness facilities, coworking spaces, resident lounges and landscaped gardens.
The transaction, reportedly valued at around £500 million, was funded through the Greystar Equity Partners Europe II fund (GEPE II). The joint venture partners said the net proceeds from the sale to CPP Investments and Lendlease will be approximately C$670m and A$260m, respectively, with the transaction expected to close by the end of June 2026.
Daniel Breeden, senior managing director – investment, Europe, at Greystar, said: “Elephant Park represents a rare opportunity to acquire a large-scale, operational build-to-rent portfolio in a well-connected zone one 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,” he added.
Tom Jackson, managing director, head of real estate Europe, at CPP Investments, said: “Elephant Park has been an important investment for CPP Investments in the UK build-to-rent sector and reflects our ability to partner with leading developers to deliver highquality, 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 crystalise 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,” he added.
Penny Ransom, chief executive officer, investment management, at 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 five-star GRESB rating and award-winning recognition.”
Highlights:
• Greystar has acquired the 904-home build-to-rent (BTR) portfolio at Elephant Park in Elephant & Castle, south London
• The vendors were Canada Pension Plan Investment Board (CPP Investments) and Lendlease
• The portfolio comprises four buildings – Park Central West, Park Central East, City Lights Point and Parkside, all of which were completed between 2021 and 2024
• The transaction was funded through the Greystar Equity Partners Europe II fund (GEPE II)
