Long Harbour has brought together international investors PSP Investments and Cadillac Fairview (CF), the real estate arm of the Ontario Teachers’ Pension Plan, to create a £1.5 billion Build to Rent platform with significant fresh capital for acquisitions. The joint venture will incorporate Way of Life, Long Harbour’s residential management business, to combine investment, development, and operations capability within a single market-leading new platform.
The Long Harbour Multi Family (LHMF) joint venture was established in 2019 between Long Harbour and PSP Investments, one of Canada’s largest pension investment managers, with £500 million of initial capital which is now almost fully committed.
Two years on, Long Harbour and PSP Investments have welcomed CF into the partnership to support the growth of the platform as it scales up its pipeline and operations. CF is a globally focused owner, operator, investor, and developer of best-in-class real estate across office, residential, life sciences, industrial, retail and mixed-use asset classes. CF manages $35 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.
In total, LHMF now has over £1.5 billion of capital to invest into Build to Rent assets, which will include both forward funding of projects and direct development. All assets in the portfolio will be managed by Way of Life, Long Harbour’s dedicated residential management business, which has over 2,800 units in operation and under development.
LHMF’s portfolio of assets includes a development of over 480 homes for rent at Ashley Road, Tottenham Hale, which LHMF has forward funded with a total investment of £226 million across two phases of development. The project is due to complete in 2023, with the first phase to launch in August 2021.
Long Harbour is a specialist real estate investment, development and management firm. Uniting market leading expertise across a range of assets classes, Long Harbour generates attractive returns for investors whilst seeking to create buildings of lasting value through thoughtful design and exemplary stewardship. Long Harbour has a proven track record of AUM growth across its three investment programmes; Secured Income, Multi-Family and Opportunistic.
Long Harbour currently employs over 180 staff across its offices in the UK, Europe, and the US.
Source : Joint release