(Reuters) - Australian property manager Lendlease Group (LLC.AX) and Canada Pension Plan Investment Board (CPPIB) said on Tuesday they would partner to invest 1.5 billion pounds 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.
Reporting by John Benny in Bengaluru; Editing by Maju Samuel