Federated Hermes and CPP Investments expand existing JV

The international business of Federated Hermes, on behalf of BT Pension Scheme (BTPS) and Canada Pension Plan Investment Board (CPP Investments), has become joint-venture partners on the development of One Centenary Way at Paradise Birmingham, with CPP Investments committing approximately £56 million (€66 million/$75 million).

This transaction follows CPP Investments and Federated Hermes’ joint-venture funding of the first phase of Paradise, Birmingham, which included the development of One and Two Chamberlain Square.

The joint venture will fund the development of One Centenary Way, a 13-story mixed-use development. The site will deliver 286,000 square feet of office space, in addition to ground-floor retail and other public spaces. Completion is expected for first quarter 2023.

Tom Jackson, managing director, head of U.K. real estate, CPP Investments, said, “We are delighted to extend our successful partnership with Federated Hermes through this investme