CPP Investments is investing £56m to become a joint-venture partner on the development of One Centenary Way at Paradise Birmingham alongside Federated Hermes
Canada Pension Plan Investment Board (CPP Investments) has extended its partnership with Federated Hermes through a new UK real estate development venture.
CPP Investments is investing £56m to become a joint-venture partner on the development of One Centenary Way at Paradise Birmingham alongside Federated Hermes which is investing on behalf of BT Pension Scheme.
The joint venture will fund the development of One Centenary Way, a 13-storey mixed-use development. The site will deliver 286,000sqft of office space in addition to ground floor retail and other public spaces.
Completion is expected for the first quarter of 2023.
The latest deal follows CPP Investments and Federated Hermes’ joint-venture funding of the first phase of Paradise in Birmingham which included the development of One and Two Chamberlain Square.
Chris Taylor, the CEO of real estate at the international business of Federated Hermes and chairman of MEPC, said: This deal is a vote of confidence in the city of Birmingham and Paradise specifically. We have worked closely with CPP Investments on the delivery of the first phase of the project and are thrilled that they are investing in One Centenary Way, which will further add to Paradise’s credentials as a leading business destination in the UK.
Tom Jackson, managing director, head of UK real estate, CPP Investments, said: The project is very well positioned to support the growth of Birmingham as a modern and expanding centre in the U.K. and deliver on the increasing demand from both local and international corporates who are looking for high-quality office space within the city.
He said: Our partnership with Federated Hermes, and the existing joint venture investments we have together in Birmingham, Leeds, Oxford and London, deliver strong results to help us support the CPP’s contributors and beneficiaries and form part of our wider commitment to continued investments in the UK.