Blackstone has hired advisers to explore a potential sale of its UK rental housing platform Leaf Living, in a transaction that could value the business at more than £1bn, according to sources cited by Bloomberg. 

Goldman Sachs and CBRE have been appointed to advise on the process. Leaf Living was established in 2021 as a joint venture between Blackstone and Regis, with a focus on newly built, family-oriented rental homes across the UK.

The platform was assembled during a period of strong institutional interest in UK build-to-rent assets, when low interest rates and rising demand for rental housing supported large-scale aggregation strategies. Since then, the operating environment has shifted materially, with higher borrowing costs and increased political scrutiny of institutional landlords reshaping the sector.

Blackstone’s review of Leaf Living follows its decision last year to explore the sale of a Spanish residential portfolio for about €1.2bn, highlighting ongoing portfolio rotation across its European real estate holdings. 

While UK rental demand remains resilient, driven by constrained housing supply and elevated mortgage rates, investor appetite for large platforms has become more selective.

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