Nuveen Real Estate has sold its 33.3% stake in the Bullring Shopping Centre in Birmingham, UK to Canada Pension Plan Investment Board (CPP Investments).
CPP Investments, which already holds a 16.7% stake in the shopping centre, will now own a 50% stake alongside London-listed real estate investment trust Hammerson. CPP Investments made its initial investment in Bullring in 2013.
Following the deal, CPP Investments said its total exposure to Bullring will be approximately £280m (€333m).
CPP Investments and Hammerson have a longstanding relationship in UK real estate, including in the Birmingham Grand Central development.
Thomas Jackson, managing director and head of UK real estate at CPP Investments, said: “We look forward to operating in a 50:50 partnership with Hammerson, who are a long-standing and valued partner for CPP Investments.
“We are confident that this additional investment into a best-in-class shopping centre, situated in central Birmingham, a strong and growing city, 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: “Hammerson are pleased to continue our relationship with CPP Investments within our flagship Birmingham Estate.
“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.”
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