TRANSACTION SUMMARY

On 3 August 2021, Long Harbour announced that it had brought together 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. As part of the transaction, CF also made a minority investment into Long Harbour’s operating platform.

LONG HARBOUR

Long Harbour is a specialist real estate investment, development and management firm. Uniting market leading expertise across a range of assets classes, Long Harbour seeks to generate 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’s approach to asset management is to make a positive impact in the communities in which it operates, whilst delivering long-term value to its investors through platform based, thematic strategies. Long Harbour currently employs over 180 staff across its offices in the UK, Europe, and the US.

CADILLAC FAIRVIEW

Cadillac Fairview is the real estate arm of the Ontario Teachers’ Pension Plan, and 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.

PSP INVESTMENTS

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

ROLE

SHP acted as financial adviser to Long Harbour.