Long Harbour brings in Canadian pension giants in £1.5bn BTR JV
Long Harbour has secured £650m of new equity from Canadian pension funds Cadillac Fairview and PSP Investments, backing a £1.5bn build-to-rent expansion.
The investors have each committed 50% of the capital, which has been ploughed into the Long Harbour Multi-Family platform. The fund has £1bn to invest and will target forward funding opportunities and direct development.
Long Harbour established this vehicle in 2019, with £500m from PSP Investments, dedicated to London development. That finance has now been committed, including £226m invested in 480 homes in Tottenham Hale (pictured).
Long Harbour has secured £650m of new equity from Canadian pension funds Cadillac Fairview and PSP Investments, backing a £1.5bn build-to-rent expansion.
The investors have each committed 50% of the capital, which has been ploughed into the Long Harbour Multi-Family platform. The fund has £1bn to invest and will target forward funding opportunities and direct development.
Long Harbour established this vehicle in 2019, with £500m from PSP Investments, dedicated to London development. That finance has now been committed, including £226m invested in 480 homes in Tottenham Hale (pictured).
The new raise will build on this with London continuing to be the focus. However, it will expand to include the South East. All assets will be managed by Long Harbour’s management platform Way of Life, which has over 2,800 homes in operation and under development.
Jenny Hammarlund, head of Europe at Cadillac Fairview, said: “This investment aligns with our strategic objective of expanding our investment portfolio in Europe by forming partnerships with best-in-class operators and developers in attractive asset classes, such as residential, life sciences, office and logistics. It also complements our global residential portfolio, which includes large active pipelines across the US and Canada.”
Stéphane Jalbert, managing director for real estate investments in Europe and Asia Pacific at PSP Investments, added: “UK build-to-rent is a conviction sector for PSP and complements our global residential portfolio. Together, we aim to provide high-quality housing that will have a positive impact on local communities while providing stable investment returns.”
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Photo: Long Harbour
