Greystar, CPP Investments and Lendlease announce Elephant Park Residential Portfolio Transaction
Press Release
June 26, 2026
London, 26 June 2026 – Greystar, a global leader in the investment, development and management of rental housing, has announced the acquisition of a 904-home build-to-rent portfolio at Elephant Park in Elephant & Castle, London, from Canada Pension Plan Investment Board (CPP Investments) and international real estate group, Lendlease.
The transaction was funded through Greystar's flagship Greystar Equity Partners Europe II fund ("GEPE II"), which reached final close earlier this month at more than €2.7 billion in total commitments, making it the largest pan-European value-add residential fund ever raised. GEPE II has more than €6.8 billion of investment capacity across acquisitions and development opportunities in key European markets.
Since CPP Investments’ and Lendlease’s initial investment in 2015 through its Build-to-Rent (BTR) partnership, it has delivered four purpose-built rental residential buildings – Park Central West, Park Central East, City Lights Point and Parkside – completed between 2021 and 2024 within the £2.5 billion Elephant Park regeneration scheme. The multi-award-winning assets offer studios through to three-bedroom homes, alongside resident amenities including fitness facilities, co-working spaces, resident lounges and landscaped gardens and benefit from strong transport connectivity, modern resident amenities, and the broader placemaking of the Elephant Park neighbourhood. All four buildings hold EPC B ratings and WELL certification.
Daniel Breeden, Senior Managing Director – Investment, Europe, Greystar, said: “Elephant Park represents 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.
"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."
Tom Jackson, Managing Director, Head of Real Estate Europe, CPP Investments, said: “Elephant Park has been an important investment for CPP Investments in the U.K. Build-to-Rent sector and reflects our ability to partner with leading developers to deliver high-quality, 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 crystalize 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.”
Over the more than 10-year partnership, CPP Investments and Lendlease have worked closely together to support the delivery, lease-up and stabilization of the portfolio, as well as contributing to the regeneration and transformation of the Elephant & Castle area, into a vibrant mixed-use residential destination. The project’s central location, excellent public transport links and high-quality amenities have made it an attractive location for young professionals and families. The site sits four minutes on foot from Elephant & Castle station, with direct connections to the City of London and the West End, providing residents with access to some of London's largest employment centres from a well-connected Zone 1 location.
Penny Ransom, Chief Executive Officer, Investment Management, 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 5-star GRESB Rating and award-winning recognition.”
Net proceeds to CPP Investments and Lendlease will be approximately C$670 million and A$260 million, respectively, with the transaction expected to close by the end of June 2026, subject to customary closing conditions.
The acquisition further expands Greystar's Momento portfolio following the addition of Barking Wharf, a 595-home build-to-rent community in East London, in 2025. Since entering the UK market in 2013, Greystar has built a substantial presence across the country's rental housing sector through investment, development and operations. Today, the firm manages more than 60,000 student accommodation beds and multifamily apartments across the UK.
The transaction was funded through Greystar's flagship Greystar Equity Partners Europe II fund ("GEPE II"), which reached final close earlier this month at more than €2.7 billion in total commitments, making it the largest pan-European value-add residential fund ever raised. GEPE II has more than €6.8 billion of investment capacity across acquisitions and development opportunities in key European markets.
Since CPP Investments’ and Lendlease’s initial investment in 2015 through its Build-to-Rent (BTR) partnership, it has delivered four purpose-built rental residential buildings – Park Central West, Park Central East, City Lights Point and Parkside – completed between 2021 and 2024 within the £2.5 billion Elephant Park regeneration scheme. The multi-award-winning assets offer studios through to three-bedroom homes, alongside resident amenities including fitness facilities, co-working spaces, resident lounges and landscaped gardens and benefit from strong transport connectivity, modern resident amenities, and the broader placemaking of the Elephant Park neighbourhood. All four buildings hold EPC B ratings and WELL certification.
Daniel Breeden, Senior Managing Director – Investment, Europe, Greystar, said: “Elephant Park represents 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.
"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."
Tom Jackson, Managing Director, Head of Real Estate Europe, CPP Investments, said: “Elephant Park has been an important investment for CPP Investments in the U.K. Build-to-Rent sector and reflects our ability to partner with leading developers to deliver high-quality, 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 crystalize 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.”
Over the more than 10-year partnership, CPP Investments and Lendlease have worked closely together to support the delivery, lease-up and stabilization of the portfolio, as well as contributing to the regeneration and transformation of the Elephant & Castle area, into a vibrant mixed-use residential destination. The project’s central location, excellent public transport links and high-quality amenities have made it an attractive location for young professionals and families. The site sits four minutes on foot from Elephant & Castle station, with direct connections to the City of London and the West End, providing residents with access to some of London's largest employment centres from a well-connected Zone 1 location.
Penny Ransom, Chief Executive Officer, Investment Management, 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 5-star GRESB Rating and award-winning recognition.”
Net proceeds to CPP Investments and Lendlease will be approximately C$670 million and A$260 million, respectively, with the transaction expected to close by the end of June 2026, subject to customary closing conditions.
The acquisition further expands Greystar's Momento portfolio following the addition of Barking Wharf, a 595-home build-to-rent community in East London, in 2025. Since entering the UK market in 2013, Greystar has built a substantial presence across the country's rental housing sector through investment, development and operations. Today, the firm manages more than 60,000 student accommodation beds and multifamily apartments across the UK.