Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) have announced that CPPIB is committing to a 50% share in the £150 million first phase of the £1bn Paradise Birmingham development.
The 1.8 million sq ft project, which is one of the largest development projects in the UK, is currently jointly owned by Hermes Investment Management and Birmingham City Council. It will represent an extension of Hermes Investment Management and CPPIB’s regional JV at Wellington Place in Leeds.
Redwood provided communications support for the announcement, helping to secure coverage across a range of titles including The Sunday Telegraph, City AM, Property Week, Estates Gazette, Costar and Investment & Pensions Europe, as well as regional media.
Argent is the developer for the mixed-use development which will include offices, shops, cafes, restaurants and a hotel across 10 buildings. The first phase of the project, which started in late 2015, includes the development of two new office buildings which were granted planning permission in autumn last year, major infrastructure improvements and public realm around Chamberlain Square, as well as the demolition of existing buildings.
Hermes Investment Management is the £23 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, while CPPIB is a professional investment management organisation that invests on behalf of 19 million Canada Pension Plan contributors and beneficiaries.