Press release 9 December 2025

Northern LGPS, in partnership with Local Pensions Partnership Investments (LPPI), has completed the acquisition of PRS Holdco, the operating arm of PRS REIT, bringing its entire portfolio of 5,478 single-family homes under joint ownership. The homes span 71 sites across England, Scotland and Wales.

This £1.1 billion transaction marks a significant step in delivering long-term, sustainable housing investment for pension fund members. The partnership plans to deploy an additional £1 billion 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.

The joint venture will establish a dedicated property management platform to directly manage the portfolio, promoting strong operational oversight and tenant experience.

Cllr Eleanor Wills 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.”

Louise Warden, Investment Director at Local Pensions Partnership Investments, 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."

Alison McGovern, Minister for Local Government, added: “This investment demonstrates the vital role LGPS pools play through investing at scale in national priorities while creating value for the scheme.”

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 though 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.”

Northern LGPS represents the West Yorkshire, Greater Manchester and Merseyside Local Government Pension Scheme funds. LPPI manages assets on behalf of Lancashire County Pension Fund, the London Pensions Fund Authority and Royal County of Berkshire Pension Fund.