CPPIB’s Nova stake sale to ARA Dunedin halts

CPPIB’s sale of its 50% stake in Nova, a mixed-use scheme in Victoria, SW1, has stalled. The stake was put under offer last year by the then newly formed ARA Dunedin joint venture – a tie-up between Singapore real estate fund manager ARA Asset Management and UK-based Dunedin Property Asset Management. It is understood that the capital partner in Asia took the decision not to move forward with the acquisition at this point after the purchaser sought to delay. CPPIB owns Nova with Landsec, which has not been actively looking to sell its stake in the 5.5-acre development. Nova, includes sites Nova North, Nova South and The Nova Building, which comprise a mix of residential, commercial and retail space. The entire joint holding, which has been priced at £900m, reflects a net initial yield of 4.5%. Around 200,000 sq ft of mixed-use space, known as Nova East, is still to be built. CPPIB declined to comment. ARA has been contacted for comment. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette