The Canada Pension Plan Investment Board and real estate group Lendlease have signed a deal to sell their Elephant Park residential portfolio in London to Greystar.
CPP Investments is expected to receive $670 million in net proceeds under the deal for the 904-home portfolio.
Lendlease, an Australian firm, is expect to receive A$260 million.
Since CPP Investments’ and Lendlease’s initial investment in 2015 through their build-to-rent partnership, they have built four buildings.
U.S.-based Greystar invests in rental housing around the world.
The transaction is expected to close by the end of the month, subject to customary closing conditions.