In October 2024, CPP Investments partnered with Kennedy Wilson to launch to new single-family housing joint venture in the UK, with an initial target of approximately £1bn in real estate. The Norwich portfolio marked the first major acquisition in this joint venture, comprising 121 units across two Norwich suburban neighborhoods: Woodland Heath and Cringleford Heights, delivered by Barratt Redrow. The high quality 2, 3 and 4‑bed homes units, were delivered to a renter ready specification and acquired via forward purchase structure. Norwich is one of the fastest‑growing cities in the UK, benefiting from a highly skilled workforce, major research institutions, and strong connectivity.
Key Highlights
- Barratt Redrow is the UK’s largest housebuilder
- Units delivered to a renter ready specification and benefit from EPC‑B ratings, solar panels and EV chargers
- Strategic location in a top‑growth regional city with large and expanding employer ecosystem
- Demographic resilience, supported by growing “generation rent” and strong affordability gap vs homeownership
- High retention workforce, anchored by the Norwich Research Park, University of East Anglia, and Norfolk & Norwich Hospital
Location
Norwich is the capital of East Anglia with:
- Population of 144,000 and 376,000 15-munite drive time catchment
- 90‑minute rail link to London; 75 minutes to Cambridge
- Major employers across insurance, life sciences, tech and public sector
- £200m+ infrastructure investment including the Northern Distributor Road and proposed Western Link
- Access to 100 miles of coastline and the Norfolk Broads
- Strong school provision near both sites
