CPP Investments, Lendlease Sell London Rental Portfolio to Greystar

The Canada Pension Plan Investment Board and Australian real estate group Lendlease have agreed to sell their Elephant Park residential portfolio in London to U.S. rental housing investor Greystar.

CPP Investments expects to receive $670 million in net proceeds from the deal, which covers 904 homes. Lendlease is set to receive A$260 million.

The two firms first invested in the build-to-rent partnership in 2015 and have since built four buildings on the site. The transaction is expected to close by the end of the month, subject to customary conditions.

Greystar invests in rental housing globally. The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.