CPPIB and Australia’s Lendlease partner to invest 1.5 bln pounds

Australian property manager Lendlease Group and Canada Pension Plan Investment Board (CPPIB) said on Tuesday they would partner to invest 1.5 billion pounds ($2.07 billion) in UK’s build-to-rent private rental sector.

The partnership will initially invest 450 million pounds.

“This investment is a great opportunity for CPPIB to further diversify our European real estate portfolio,” Andrea Orlandi, head of real estate investments Europe at CPPIB, said in a statement.

The companies will also pursue “opportunities” within Lendlease’s residential urban activities in London and across the UK under a joint venture. ($1 = 0.73 pounds) (Reporting by John Benny in Bengaluru; Editing by Maju Samuel).

Read more HERE: Reuters