CPPIB, Hermes invest in central London office asset
Hermes Real Estate and the Canada Pension Plan Investment Board (CPPIB) have bought a central London office asset.
The joint venture invested £156m (€222m) in Haymarket House in London’s West End district.
The 123,000 sqft building was sold by listed UK company Land Securities.
Hermes Real Estate, the pension fund manager owned by the BT Pension Scheme, has been investing in the UK with CPPIB since forming a joint venture in 2013.
Chris Taylor, head of private markets at Hermes Investment Management, said: “The purchase of Haymarket House is consistent with the joint venture partnership’s commitment to investing in strong central London assets with significant added value return potential.”
Andrea Orlandi, CPPIB’s managing director and head of real estate investments for Europe, said: “The addition of Haymarket House to our joint venture portfolio is a great example of how we continue to advance our partnership with Hermes Investment Management through the acquisition of high-quality assets.”
The building includes 87,000 sqft of office space, partly refurbished in 2012.
The asset also includes 36,000 sqft of leisure accommodation spread across two units.