Global real estate investment company Kennedy Wilson has exchanged on the purchase of approximately 275 units for its single-family rental housing joint Venture with Canada Pension Plan Investment Board for approximately £100 million via three separate transactions.
The platform has grown to circa 1,180 homes in the nine months since the launch of the joint ventures. The 275 units, in three UK development sites in Milton Keynes, Derby and Cheltenham, have been acquired from two housebuilders.
This includes the JV’s first transaction with independent housebuilder Dandara, and repeat transactions with Miller Homes.
Launched in October 2024, the JV has now committed to deploy approximately £390 million across 13 sites in locations including Bedford, Cambridge, Derby, Didcot, Great Dunmow, Ipswich and Wolverhampton with a total of five housebuilders including Barratt Redrow and Cala Homes.
Kennedy Wilson said its pipeline totalled more than 1,000 units, with the potential capacity for the platform to reach 2,000 units by the end of 2025 and 4,000 units at full capital deployment.
Kennedy Wilson has a 10% ownership interest in the JV and earns customary fees.
“We continue to deploy capital swiftly into a growing portfolio of single-family housing for this platform and are pleased to report that we are making excellent progress with our strategy, reaching approximately 1,180 units in just nine months”, said Mike Pegler, president, Kennedy Wilson Europe.
“The platform’s first newly completed homes, located in Norwich and Bedford, are now available to rent, and we have seen high levels of demand from the rental market. We expect these strong foundations to underpin our future pipeline as we continue to deploy capital and scale the platform.”
Kennedy Wilson is a real estate investment company with more than $29 billion of assets under management across the United States, the UK and Ireland. It focus primarily on rental housing, with over 65,000 multifamily and student housing units owned by the company or financed through its credit platform.