Case Study

John Lewis Partnership – Joint Venture

Alongside BNP Paribas, we provided corporate coverage, real estate finance and real estate advisory services for the £500m multi-decade joint venture with global investment company abrdn to deliver around 1,000 new homes across three local communities.

Our Approach


BNP Paribas Real Estate Alternatives business provided corporate coverage, real estate finance and real estate advisory services for the deal.

We advised on how the transaction could be structured in order to maximise interest from potential financial partners whilst achieving the ambitions of JLP to set up both the development and operational BTR management platform. We then launched a process to identify the right Joint Venture partner and managed the documentation of the transaction with lawyers, accountants and other advisors.


Results Achieved and Added Value


The deal marks a milestone in the Partnership’s plans to use its significant property assets to build much-needed residential homes and diversify their business. The joint venture will help them to reach 10 percent of their ambition to build 10,000 new homes over the next decade.

Within the UK’s growing ‘built-to-rent’ property market, this is a long-term joint venture that brings together abrdn’s experience as one of Europe’s largest residential investment managers together with the trust, service and quality synonymous with the John Lewis and Waitrose brands.

The deal will see the Partnership develop and manage the proposed new sites and includes commitments to affordable housing and sustainability tied to our existing 2035 net-zero pledge. They want to create homes that will provide a stable income for the Partnership, and moving into housing aligns with their purpose to make a positive difference for their Partners, customers and communities.

In Bromley and West Ealing in Greater London, subject to planning permission, Waitrose shops will be redeveloped to provide new homes and improved stores. In Reading, a vacant John Lewis warehouse will be redeveloped. The sites were chosen according to their central location and proximity to transport links.

The John Lewis Partnership will continue to work with the local authorities and communities to evolve our plans and expect to announce more details for West Ealing and Bromley in due course, before aiming to submit their first planning applications next year. A first public consultation for the site in Reading is expected in 2023.

Simon Williams, Head of National Markets

The transaction is a strong example of how BNP Paribas can combine the skills and knowledge of Real Estate advisory business with the specialist advice of our colleagues in the BNP Paribas Commercial Investment Bank. No other organization can offer this unique blend of skills and expertise

John Lewis Partnership – Joint Venture