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In a press release, Hari Krishna V, Managing Director and Head of India Real Estate for CPPIB, said working with Tata Realty will provide the institutional investor with opportunities in the country’s booming commercial real estate sector. from South Asia. “This is an important step in expanding CPP Investments’ relationships with market leaders to deliver strong long-term risk-adjusted returns to CPP contributors and beneficiaries.
In addition, the real estate arm of the Ontario Teachers’ Pension Plan has entered into a joint venture to redevelop an office tower in London.
The Cadillac Fairview Corp. has entered into an agreement with Stanhope, a British development company, to renovate a 10-storey building located in the City of London. Zoned for commercial and retail purposes, the ground floor of the building is currently occupied by a grocery store while the upper floors contain approximately 250,000 square meters of rental office space.
Read: CPPIB invests in German ceramics company, Caisse, to redevelop building in central London
The move is part of a strategy to expand Cadillac Fairview’s presence in the UK commercial property market, according to a press release.
Jenny Hammarlund, managing director and head of Europe at Cadillac Fairview, said the deal follows the success of an earlier joint venture – a £700million redevelopment project in Oxford. “We see continued opportunities for high quality, differentiated offices [space]particularly in London, and it is a long-term investment in the future success of the City of London.
The Public Sector Pension Investment Board is also entering into a partnership for London property development. The partnership, with Aviva Investors, will renovate a building in central London with 13,700 square meters of office and retail space. It follows a series of co-investment projects between the two organisations, including another London-based project – a 10-hectare mixed-use development.
The redevelopment work will be carried out by Structure Tone Group Inc., a local interior construction and renovation company. Work will also be carried out to improve the facade of the building, enlarge its roof and create common green spaces.
Read: La Caisse invests in the B2B technology platform, CPPIB to build four office towers in London