CPPIB completes Bullring stake purchase

Canada Pension Plan Investment Board has completed a deal to up its ownership stake in Birmingham’s Bullring Shopping Centre to 50%, by acquiring a further 33.3% stake from Nuveen. Following the acquisition, CPP Investments’ total exposure to the shopping centre is valued at around £280m. Hammerson will continue to undertake all asset management activities at the mall. The Bullring is one of the largest shopping centres in the UK, measuring 1.4m sq ft with around 180 retail and hospitality occupiers. Selfridges is among its anchor tenants.  Thomas Jackson, managing director and head of real estate UK at CPP Investments, said: “We look forward to operating in a 50:50 partnership with Hammerson, which is a long-standing and valued partner for CPP Investments.  “We are confident this additional investment into a best-in-class shopping centre will deliver strong risk-adjusted returns for our contributors and beneficiaries.” Simon Travis, group investment director and managing director of premium outlets at Hammerson, said: “This partnership clearly demonstrates the importance of Bullring and Grand Central as thriving destinations, offering our communities and visitors an outstanding experience with dining, events, retail, and entertainment for generations to come.”   To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Image: FTI Consulting See which agents are doing the most deals in Birmingham with our On-Demand Rankings >> View market analytics for Birmingham >>