BORDER TO COAST STRIKES £400M DEAL TO BUY 12-ESTATE FAMILY HOME PORTFOLIO
Posted on August 4th, 2026
- Local government pension pool agrees c.£400m housing deal with Leaf Living in the largest single-family home transaction in the UK this year.
- £120bn pool continues to ramp up direct real estate investments, putting productive, long-term capital to work in strong growth sectors.
- 866 new homes contribute to meeting demand for quality family homes in the UK.
Border to Coast Pensions Partnership (“Border to Coast”) confirms that it has agreed, on behalf of its Partner Funds, to purchase a portfolio of 866 single-family homes from Leaf Living, a leading provider of single-family homes in the UK founded by Blackstone and Regis.
The 12 estates across the South East of England have a combined value of around £400m and are energy efficient and professionally managed*. It marks the largest single transaction in the single-family home sector so far this year in the UK.
The investment will provide Border to Coast’s underlying LGPS Partner Funds with exposure to high-quality family rental homes, supported by long-term demand for housing across the UK. It also reflects Border to Coast’s continued focus on assets that can deliver resilient income and diversification within its real estate portfolio.
The deal follows fast on the heels of Border to Coast’s £70m forward-funding of 139 homes in Springstead Village, Cambridge (February 2026), and an investment of £43m to build a modern aparthotel in Lisbon Street in Leeds City Centre (May 2026).
This acquisition continues the rapid growth of the pool’s UK Real Estate Fund following launch 18 months ago and is the second acquisition into the single-family housing sector. 15 of Border to Coast’s Partner Funds are subscribed to the fund. It is expected to grow to c.£3bn in the next 12 months as the fund continues to invest money on behalf of Partner Funds into directly held real estate across the UK.
Our focus on high-quality residential property this year is helping reshape our real estate portfolio, future-proofing it for Partner Funds. Striking a deal of this size is testament to our partnership’s scale and expertise, and we are committed to providing additional value to the LGPS and its members. It is also a prime example of how deploying long-term capital can not only unlock access to strong structural opportunities but also contribute to tackling the country’s infrastructure challenges.
Border to Coast was advised by Aberdeen Investments and Savills in connection with the transaction. CBRE advised Leaf Living on the sale. Border to Coast’s legal advisers were CMS and Mourant. Aberdeen Investments supported the structuring of the deal, with assistance from Mourant.
James McLean, Fund Manager, Aberdeen Investments, said:
“We are strong believers in the long-term UK single-family housing sector, underpinned by robust demand and a shortage of high-quality rental homes. At approximately £400 million, this is one of the largest and most significant investments we’ve advised on, reflecting our conviction in the sector and our commitment to delivering resilient, long-term returns for Border to Coast’s Partner Funds while supporting the provision of much-needed homes across the UK.”
James Seppala, Head of Real Estate Europe at Blackstone, added:
“This transaction reflects strong UK institutional demand for high-quality rental housing platforms, which can offer stable long-term income. Patient institutional capital has an important role to play in bringing further investment into professionally managed housing across the UK and we are delighted to partner with Border to Coast on this important transaction.”
The property estates are located across Berkshire, Essex, Hampshire, Hertfordshire, Oxfordshire, Surrey, East Sussex, West Sussex and Wiltshire.
The Border to Coast UK Real Estate Fund is one of the largest of its kind in the UK, with more than £2bn in Local Government Pensions Scheme (LGPS) Partner Fund capital and assets.
*Professionally managed: A housing service where homes are operated by a dedicated, professional organisation with standardised processes, specialist teams, regulatory oversight, and service-level accountability throughout the entire resident lifecycle.
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