Key Takeaways
- • Northern LGPS and LPPI are in negotiations to buy the 974-home Fizzy Living build-to-rent portfolio for around £340m, according to sources Inside Housing Living has spoken to.
- • The talks would be conducted through UK Housing Partnership, the joint venture run by Waypoint, which would reach 6,452 homes if the deal closes.
- • Sellers Greystar and Abu Dhabi Investment Authority (ADIA) have not yet concluded discussions, and the portfolio drew bids from Farlowe, Adira and Ridgeback.
- • The deal would follow UK Housing Partnership's £1.1bn acquisition of the 5,478-home PRS REIT single-family portfolio in November 2025, reflecting continued institutional appetite for UK rental housing.
Summary
Two UK local government pension pools, Northern LGPS and LPPI, are in negotiations to acquire the Fizzy Living build-to-rent portfolio for around £340m, according to Inside Housing Living, which cited sources. The negotiations were first reported by Green Street News. The buyers would acquire the homes through their joint venture, UK Housing Partnership, which is run by Waypoint. Discussions with the sellers, US developer Greystar and the Abu Dhabi Investment Authority (ADIA), remain ongoing. If concluded, the transaction would make UK Housing Partnership one of the largest build-to-rent landlords in the UK, with 6,452 homes in total.
The Fizzy Living portfolio comprises 947 homes across eight buildings in Canning Town, Stepney Green, Poplar, Walthamstow, Silvertown, Lewisham, Hayes and Epsom, according to the report. It was assembled between 2012 and 2021 by housing association Metropolitan Thames Valley Housing (MTVH) and ADIA, and Greystar acquired MTVH's stake in 2021. Greystar and ADIA appointed agents to run the sale in March, and bids came from Farlowe, Adira and Ridgeback.
The talks follow UK Housing Partnership's acquisition of the 5,478-home PRS REIT single-family portfolio for £1.1bn in November 2025. Northern LGPS and LPPI also launched Four Corners this year, an in-house management company to run their homes. Other LGPS funds are building dedicated property strategies as well. Border to Coast Pensions Partnership has invested more than £500m in 2026, including a £70m forward-funding deal in Cambridge for 139 single-family homes in February and the purchase of 866 single-family homes from Blackstone's Leaf Living business for £450m in August.
Greystar's partnership with ADIA, launched in December 2021, pledged up to £2.2bn for build-to-rent housing in London and surrounding commuter towns, targeting a development pipeline of roughly £1.8bn in total capitalisation and equity commitments of up to £750m. LPPI and Greystar declined to comment. Northern LGPS, ADIA and Waypoint were approached for comment.
The Fizzy Living portfolio comprises 947 homes across eight buildings in Canning Town, Stepney Green, Poplar, Walthamstow, Silvertown, Lewisham, Hayes and Epsom, according to the report. It was assembled between 2012 and 2021 by housing association Metropolitan Thames Valley Housing (MTVH) and ADIA, and Greystar acquired MTVH's stake in 2021. Greystar and ADIA appointed agents to run the sale in March, and bids came from Farlowe, Adira and Ridgeback.
The talks follow UK Housing Partnership's acquisition of the 5,478-home PRS REIT single-family portfolio for £1.1bn in November 2025. Northern LGPS and LPPI also launched Four Corners this year, an in-house management company to run their homes. Other LGPS funds are building dedicated property strategies as well. Border to Coast Pensions Partnership has invested more than £500m in 2026, including a £70m forward-funding deal in Cambridge for 139 single-family homes in February and the purchase of 866 single-family homes from Blackstone's Leaf Living business for £450m in August.
Greystar's partnership with ADIA, launched in December 2021, pledged up to £2.2bn for build-to-rent housing in London and surrounding commuter towns, targeting a development pipeline of roughly £1.8bn in total capitalisation and equity commitments of up to £750m. LPPI and Greystar declined to comment. Northern LGPS, ADIA and Waypoint were approached for comment.
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