Lendlease and Canada Pension Plan Investment Board (CPPIB) have announced the launch of a major U.K. Build-to-Rent investment partnership, with an initial target to invest £1.5 billion in the sector. The partnership will begin with an investment of c. £450 million in the next phase of new homes, which will be for private rent, at Lendlease’s £2.3 billion Elephant Park development in Elephant & Castle. CPPIB will invest c. £350 million for 80% and Lendlease will invest the balance. This announcement is in addition to the c. £800 million that Lendlease has already committed to housing and infrastructure in the development and will accelerate the delivery of private rental and affordable homes. Construction has already commenced, and the first homes in this phase are expected to be completed in 2020. Further to this initial investment, the partnership will also pursue opportunities within Lendlease’s wider residential urban regeneration activities in London and across the U.K. under a 50:50 joint venture. It aims to help address the U.K.’s housing shortage, over time, providing thousands of much-needed homes in London and across the U.K. via the development, and long-term ownership, of Build-to-Rent product. Lendlease will develop, construct and manage the Build-to-Rent homes on behalf of the partnership, ensuring a high-quality rental product and service, as a part of its strategy to encourage diverse and vibrant communities with a mix of tenures.