The Canada Pension Plan Investment Board (CPPIB) and Hammerson have formed a fifty-fifty joint venture to buy a 33.3% interest in Bullring Shopping Centre.
They are paying £307 million to Future Fund, Australia’s state pension fund, for the stake.
“We are pleased to expand our relationship with Hammerson, one of Europe’s leading retail property companies, whom we know well, having worked together successfully on other investments,” says Graeme Eadie, the CPPIB’s senior vice-president and head of real estate investments.
The joint venture is the third partnership between the CPPIB and Hammerson.
Bullring, located in Birmingham, is one of the Top 10 retail destinations in the United Kingdom and attracts about 40 million shoppers annually.
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