US real estate investor Kennedy Wilson is set to significantly increase its exposure to the UK Build to Rent (BTR) market after being selected as preferred bidder for Notting Hill Genesis’ £750 million Folio rental portfolio.

Kennedy Wilson is understood to have entered exclusivity with Notting Hill Genesis (NHG), with due diligence now set to progress on the proposed acquisition. The portfolio comprises 2,079 rental homes across 15 developments in London and Chelmsford and is currently around 98% let.

The transaction would represent another major institutional investment into the UK’s operational BTR and private rented housing market. Around 85% of the Folio homes are located in London, with schemes spread across boroughs including Newham, Greenwich, Southwark, Ealing, Croydon, Barnet and Hammersmith and Fulham.

Among the portfolio’s largest assets is Royal Wharf Estate in Newham, where Folio owns 338 homes, while City Park West in Chelmsford accounts for a further 317 properties. Approximately nine in ten homes across the portfolio are one and two-bedroom apartments, while 98% have an EPC rating of C or above.

The sale process, known as Project Vanguard, has been run for NHG by UK professional services adviser Deloitte. Kennedy Wilson emerged ahead of rival interest from Hyde Group and a partnership between investor Adira and European asset manager Hayfin.

For Kennedy Wilson, the acquisition would build on an already expanding presence within the UK rental housing sector. Its suburban BTR partnership with Canada Pension Plan Investment Board, established in 2024, has grown to around 2,000 homes across 23 sites.

The scale of the Folio transaction also demonstrates the continuing attraction of established rental portfolios to large institutional investors seeking immediate exposure to income-producing UK residential assets.

From a wider built environment perspective, investment of this scale also creates long-term requirements around property management, maintenance, refurbishment, building services and improving the energy performance of residential assets.

If completed, the £750 million acquisition would position Kennedy Wilson as an increasingly significant player in UK BTR while adding further momentum to institutional investment across the country’s professionally managed rental sector.

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