CPP invests in London's Victoria Circle
The Canadian Press
Posted: Feb 15, 2012 9:16 AM ET
Last Updated: Feb 15, 2012 1:14 PM ET
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The Canada Pension Plan Investment Board has announced a joint venture partnership to develop a $1.56 billion, residential, office and retail complex in London.
The agreement with U.K.-based commercial property developer Land Securities Group PLC is to develop the Victoria Circle, London SW1 complex.
It involves five new buildings opposite Victoria Station, where the London railway and London Underground meet.
The CPPIB manages the Canada Pension Plan fund, which on Friday announced it had grown to $152.8 billion by the end of its third quarter.
Land Securities owns the existing properties and will sell them to the joint venture for £163 million ($254.6 million). It will operate as the development manager and will lease to tenants.
A demolition of the existing buildings will happen after the current tenants move out, sometime after the beginning of September.
"The Victoria Circle project supports CPPIB's real estate strategy to own and develop properties in key markets for the long term," said Graeme Eadie, CPPIB's senior vice president of real estate investments.
The board says the first phase of the 910,000 square-foot project is expected to be completed in 2016 and the second in 2018.
The announcement follows the CPPIB's announcement on Tuesday of its biggest deal ever, a whopping $1.8 billion investment in 10 regional shopping malls and two redevelopment sites in the United States.
The CPPIB is a professional investment management organization that invests surplus contributions on behalf of 18 million Canadian contributors and beneficiaries of the Canada Pension Plan.
With files from CBC News
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