The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate have formed a new U.K. regional joint venture.
The partnership involves Hermes Real Estate selling 50% of the development phase of Wellington Place in Leeds to CPPIB.
Complementing the existing London office joint venture set up between Hermes Real Estate and CPPIB in July 2013, this new U.K. regional joint venture involves both organizations committing equity to the project on a 50/50 basis for a total gross development value of more than £185 million ($327.9 million).
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The masterplan for Wellington Place calls for 1.5 million square feet of commercial, retail, leisure and residential space.
About 35,000 square feet of office space has been completed. Construction is already underway on an additional 105,000 square feet.
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