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Hermes Real Estate Investment Management, on behalf of BT Pension Scheme (BTPS), and the Canada Pension Plan Investment Board have formed a joint venture partnership.

It will initially include eight London office assets from BTPS’ existing portfolio. The CPP will invest to acquire a 50% stake in this core-plus/value-add portfolio, with the assets primarily located in London’s west end.

The portfolio comprises 550,000 square feet of high quality offices, retail and ancillary accommodation.

It’s the intention of the partners to double the size of the joint venture partnership by increasing its exposure to similar types of core-plus/value-add assets.

“This acquisition is in line with our strategy to capitalize on attractive opportunities in the London office market and invest alongside well-aligned partners,” says Graeme Eadie, senior vice-president and head of real estate investments for CPP.

Read:

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Originally published on Advisor.ca
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