Federated Hermes and CPP Investments extend jv for Paradise tower

Federated Hermes and Canada Pension Plan Investment Board are extending their joint venture to develop an office tower in Birmingham’s 17-acre Paradise scheme. The jv will see CPP Investments commit some £56m to the development of One Centenary Way, a 13-storey tower with 286,000 sq ft of office space as well as ground-floor retail. The site is expected to complete in the first quarter of 2023. The two parties – Federated Hermes acting on behalf of the BT Pension Scheme – had already worked together on the first phase of the project, including the development of One and Two Chamberlain Square. Chris Taylor, chief executive of real estate at the international business of Federated Hermes and chairman of MEPC, described the deal as “a vote of confidence in the city of Birmingham, and Paradise specifically”. Tom Jackson, head of UK real estate at CPP Investments, said: “The project is very well positioned to support the growth of Birmingham as a modern and expanding centre in the UK, and deliver on the increasing demand from both local and international corporates who are looking for high-quality office space within the city.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Click here to view current office availabilities in Birmingham >> Photo courtesy of Edelman Smithfield