Northern LGPS and LPPI acquire 5,478-home portfolio
Author: LAPF Investments | Published: December 9, 2025
Northern LGPS and Local Pensions Partnership Investments (LPPI) has completed acquisition of a 5,478-home portfolio under joint ownership.
It comes after the two pools completed the £1.1bn purchase of PRS Holdco, the operating arm of PRS REIT. The homes span 71 sites across England, Scotland and Wales.
The partnership plans to deploy an additional £1bn to expand the portfolio by more than 15,000 homes over the next 10 years, helping to address the UK’s chronic undersupply of quality rental housing while generating stable returns.
Councillor Eleanor Willis, chair of the Northern LGPS, said: “This partnership demonstrates what we can achieve when pension funds work together at scale.
“I am proud that Northern LGPS is supporting the government’s plan to provide much-needed affordable homes across the country for hardworking families, including right here in the North of England, while securing the pensions of our members.”
LPPI investment director Louise Warden added: “This joint venture, delivered through our LPPI Real Estate Fund, is a great example of the positive impact pension capital can have in the communities of pension fund members, and of the power of cross-pool collaboration.
“By working together with Northern, we’ve been able to unlock an investment opportunity of real scale. The undersupply of quality rental properties in the UK is well documented.
“We want to help tackle this issue while accessing an asset class that offers our members exactly what they need. Our plans to scale the portfolio significantly underline our confidence in this strategy and commitment to long-term investment in UK housing.”
Torsten Bell, parliamentary under-secretary of state for pensions, added: “I am delighted to see Northern LGPS and LPPI working together.
“The reforms this Government is introducing through the Pension Schemes Bill will help unlock exactly this sort of collaboration between pools and help support investment and growth to all parts of the UK.”
