CPPIB buys into £1b U.K. development
Canada Pension Plan Investment Board has acquired a 50 percent interest in the £150 million ($213 million) first phase of the £1 billion ($1.4 billion) Paradise Birmingham development in Birmingham, England. The 1.8 million-square-foot project, which is one of the largest development projects in the United Kingdom, is currently jointly owned by Hermes Investment Management and the Birmingham City Council. It will represent an extension of Hermes Investment Management and CPPIB’s regional joint venture at Wellington Place in Leeds, England. Argent is the developer for the mixed-use development, which will include office buildings, shops, cafes, restaurants and a hotel across 10 buildings. The first phase of the project, which started in late 2015, includes the development of two new office buildings.