Canada’s PSP partners with Aviva on £250m Cambridge investment
One of Canada’s largest pension funds has bought a stake in two major office developments in Cambridge, as part of a £250m investment alongside Aviva Investors.
The Public Sector Pension Investment Board has targeted the 26-acre CB1 Estate in Cambridge. It includes the 81,500 sq ft scheme at 30 Station Road – which will reportedly become Apple’s new research base on a 10-year lease after completion in 2021 – as well as the 167,000 sq ft, grade-A offices at 50/60 Station Road (pictured above).
One of Canada’s largest pension funds has bought a stake in two major office developments in Cambridge, as part of a £250m investment alongside Aviva Investors.
The Public Sector Pension Investment Board has targeted the 26-acre CB1 Estate in Cambridge. It includes the 81,500 sq ft scheme at 30 Station Road – which will reportedly become Apple’s new research base on a 10-year lease after completion in 2021 – as well as the 167,000 sq ft, grade-A offices at 50/60 Station Road (pictured above).
After selling the stake Aviva Investors will act as development manager and asset management partner, working alongside developer Brookgate.
PSP and Aviva first formed a partnership in 2015 focusing on investment in central London, where they own a portfolio valued at more than £400m.
Stéphane Jalbert, managing director of Europe and Asia Pacific real estate investments at PSP Investments, said: “Cambridge is one of the UK’s leading knowledge clusters for artificial intelligence and life sciences, and we believe the regeneration of the Station Road area will outperform in the long term.”
Melanie Collett, head of real estate asset management at Aviva Investors Real Assets, said: “The Cambridge commercial property market benefits from strong cluster effects, with businesses supported by incubator and innovation spaces, strong knowledge sharing in local networks and a wealth of employable graduates.
“We continue to see high demand for space from many global firms, with cutting-edge technology and business services firms among the occupiers in our properties as we create leading locations that cater to businesses, communities and individuals.”
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