The Canada Pension Plan Investment Board and Phoenix Mills Ltd. are forming a joint venture to develop an office-led, mixed-use building in Mumbai.

The Canadian investment manager is committing about $231 million in tranches for an ultimate equity stake of 49 per cent in the entity, known as PCREPL, that will own the asset. This is the CPPIB and PML’s second joint venture after the partnership formed Island Star Mall Developers Pvt. Ltd. in 2017.

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“We are very pleased to further expand our existing relationship with PML to develop world-class office space which will cater to the needs of global and domestic corporations,” said Hari Krishna, managing director of real estate for India at the CPPIB, in a press release. “As a longstanding investor in India, this investment cements our already strong and deep presence in the country’s fast-growing property sector and will deliver steady, long-term returns for CPP contributors and beneficiaries.”

In addition, the CPPIB is partnering with the international business of investment manager Federated Hermes on behalf of the BT Pension Scheme to develop a 13-storey, mixed-use development in Birmingham, England.

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The development, known as One Centenary Way, will deliver 286,000 square feet of office space as well as ground floor retail and other public spaces. The site has been low carbon during construction and will also offer carbon-reducing solutions to tenants upon completion.

“The project is very well positioned to support the growth of Birmingham as a modern and expanding centre in the U.K. and deliver on the increasing demand from both local and international corporates who are looking for high-quality office space within the city,” said Tom Jackson, managing director and head of U.K. real estate at the CPPIB, in a press release.

“Our partnership with Federated Hermes and the existing joint venture investments we have together in BirminghamLeedsOxford and London, deliver strong results to help us support the CPP’s contributors and beneficiaries and form part of our wider commitment to continued investments in the U.K.”

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