The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate have agreed to acquire part of a London office tower.
As part of their 50/50 London partnership, they will buy the offices and retail elements—along with the residential ground rent income—of South Bank Tower from joint venture owners Jadwa Investment and private equity real estate firm CIT Group.
Financial terms of the deal were not disclosed.
The tower is a mixed-use development in the area between Westminster Bridge and Tower Bridge along the South Bank.
“We are pleased to complete the acquisition of a mixed-use property which complements CPPIB’s London office portfolio,” says Wenzel Hoberg, managing director and head of real estate investments Europe for CPPIB. “We look forward to further expanding this venture alongside Hermes to acquire high quality properties in Central London.”
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