The Canada Pension Plan Investment Board (CPPIB) has teamed up with Hermes Real Estate to invest in a 1.5 million square foot, partially developed London property.
The building, Wellington Place, will include offices, apartments and retail space.
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Hermes Real Estate, the pension fund manager owned by the BT Pension Scheme, is selling 50% of the development phase of Wellington Place in Leeds to CPPIB.
The 1.5m sqft project, which includes office, residential and retail, has a £185m (€232.7m) total gross development value.
Hermes said 35,000 sqft of offices in Wellington Place was completed, with construction underway on a further 105,000 sqft.
MEPC, which is managing the project, has leased most of the scheme’s first building and is in discussions with office occupiers for further phases.
Three further buildings are planned to deliver an additional 317,000 sqft of prime office space.
Andrea Orlandi, Head of Real Estate Investments Europe at CPPIB, said of the deal:
“We are pleased to build on our existing partnership with Hermes Real Estate through this exciting development in Leeds and see this as a strong complement to our existing office portfolio in London. Together with Hermes Real Estate and MEPC, we aim to make Wellington Place the new premier business location in Leeds with state-of-the-art office space, an attractive public realm, great transport links and full access to amenities.”
The CPPIB manages $206 billion in assets for the Canada Pension Plan.