The CPP Investment Board (CPPIB) and Hermes Real Estate Investment Management, on behalf of BT Pension Scheme (BTPS), have formed a real estate joint venture.
The CPPIB will invest £173.9 million (C$273 million) to acquire a 50% interest in this core-plus/value-add portfolio, with the assets primarily located in London’s West End. It will initially include eight London office assets from BTPS’s existing portfolio.
The portfolio comprises 550,000 square feet of high-quality offices, retail and ancillary accommodation.
It’s the intention of the partners to double the size of the joint venture partnership by increasing its exposure to similar types of assets.
“This acquisition is in line with our strategy to capitalize on attractive opportunities in the London office market and invest alongside well-aligned partners,” says Graeme Eadie, senior vice-president and head of real estate investments with the CPPIB.
A version of this story originally appeared on our sister publication, Advisor.ca.
Read more: