06:02 AM EDT, 10/24/2024 (MT Newswires) -- Kennedy-Wilson Holdings ( KW ) has partnered with the Canada Pension Plan Investment Board to launch a single-family rental housing joint venture in the UK with an initial asset value target of about 1 billion pounds ($1.30 billion).

Canada Pension Plan said Thursday it will initially commit 500 million pounds into the venture, while Kennedy Wilson will commit 56 million pounds. Further capital commitments will depend on market opportunities, the company said.

The joint venture will target energy-efficient, new-building housing stock in growing local economies through partnerships with housebuilders, according to the statement.

Canada Pension Plan said the investment program is already seeded with properties from two Kennedy Wilson-sourced developments.

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