Mourant advises on £1bn UK single-family housing joint venture between CPP Investments and Kennedy Wilson

Mourant, a law firm-led professional services business, is pleased to announce its role in global real estate investment company, Kennedy Wilson, on their joint venture with Canada Pension Plan Investment Board (CPP Investments) (“the JV”) to create a single-family housing portfolio in the UK.

The JV will have an initial target of approximately £1 billion of asset value, including leverage, with the potential to commit further capital depending on market opportunities. CPP Investments will hold 90 per cent of the venture and Kennedy Wilson will hold a 10 per cent ownership interest moving forward.

The investment is seeded with properties from two developments sourced by Kennedy Wilson. It has an active pipeline of opportunities of over £360 million and 1,100 units, with the capacity to reach 4,000 units at full capital deployment.

Through partnerships with leading housebuilders, the JV will focus on addressing the current undersupply of high-quality rental housing in the UK. The homes will be designed to provide residents with strong connectivity, access to local amenities, employment opportunities and educational institutions, making them attractive choices for families and individuals.

The Mourant team, comprising Andy McNulty and PJ Baigent, provided comprehensive governance services expertise along with Jersey legal advice provided by James Hill, James Daniel and Vicky Youngs to ensure the smooth structuring of the joint venture and support the broader framework of the investment.

Commenting on the transaction, Ed Fletcher, Global Managing Director of Mourant Governance Services, said:

“It was great to see our legal and governance teams collaborating seamlessly to deliver top-tier legal support to our clients. This latest transaction highlights our continued commitment to the real estate sector and our ability to support large-scale, complex projects. Many congratulations to CPP Investments and Kennedy Wilson on the successful completion of this exciting joint venture.”