Lendlease divests from UK build-to-rent asset

Lendlease has divested out of its build to rent (BTR) assets in the UK to Greystar.

The divestment alongside its partner Canada Pension Investment Board (CPP Investments) consists of a portfolio of 904 residence at Elephant Park in South London.

The development was created through the partnership, with four buildings completed between 2021 and 2024.

"The urban renewal of Elephant Park is now largely complete, and assets fully stabilised, providing an opportune time for Lendlease and its investment partner to recycle capital from the project," it said.

The transaction will settle before June 30 and deliver cash proceeds of around $260 million to Lendlease in this financial year.

"We are proud to have partnered with CPP Investments on the substantial urban renewal of Elephant Park and its enduring contribution to the community," Lendlease chief executive of investment management Penny Ransom said.

"The precinct demonstrates Lendlease's strong placemaking capabilities in the UK and focus on sustainable living, evidenced by Elephant Park's leading 5-star GRESB Rating and award-winning recognition."

She added Lendlease remains focused on supporting partners through the investment lifecycle, including delivering liquidity, returns and growth opportunities.

Yesterday, Lendlease also divested its 25% stake in Keyton, Australia's largest owner and operator of retirement villages, to Aware Super.

This month, Lendlease named AustralianSuper head of real assets Nick O'Neil as the incoming chief executive and managing director, effective 10 September 2026.

Lendlease chair John Gillam said O'Neil is a highly experienced executive with over 25 years' global experience across corporate and investment strategy, M&A, governance, capital markets and real asset management.

Lendlease said now that it has named its next chief executive it has been "mutually agreed" that Tony Lombardo will now step down on 30 June 2026 or earlier as agreed.

In the meantime, the joint interim chief executives will be chief financial officer Andrew Nieland and chief investment officer Penny Ransom who will also support the transition to O'Neil when he commences in September.