Kennedy Wilson has partnered with Canada Pension Plan Investment Board (CPP Investments) to launch a new single-family rental housing joint venture in the United Kingdom. The venture has an initial target of approximately £1 billion in asset value, including leverage, with potential for further capital commitments.
CPP Investments will initially commit £500 million, while Kennedy Wilson will commit £56 million, holding a 10% ownership interest in the venture. Kennedy Wilson will manage the joint venture and earn customary fees, leveraging its expertise in rental housing.
The investment program is seeded with properties from two developments, including units under construction in Norwich and units in Stevenage expected to deliver from Q2 2025. Kennedy Wilson has an active pipeline of opportunities totaling over £360 million and 1,100 units, with the capacity to reach 4,000 units at full capital deployment.
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