The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate have announced the sale of two office properties as part of their London office joint venture.
The joint venture partnership has exchanged contracts to sell the freehold interest in 100 New Oxford Street, W1, to Tishman Speyer Properties (UK) Ltd. Completion is expected after the ongoing refurbishment of three floors.
The partnership has also completed the sale of its long leasehold interest in 69 Carter Lane, EC4, to The Low Carbon Workplace Fund, which is managed by Threadneedle Property Investments Ltd., for £17.55 million ($31.6 million). The sale was agreed on an off-market basis with planning consent recently secured for an additional floor.
“The sale of these prime London properties is a good example of how the joint venture is delivering on its strategy of holding a well-balanced portfolio, while at the same time capitalizing on opportunities to generate value for the joint venture,” says Andrea Orlandi, managing director and head of real estate investments, Europe, with the CPPIB.
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