A Canada Pension Plan Investment Board subsidiary is providing financing for a mixed-use development project at Wembley Park in London, England.

The subsidiary, CPPIB Credit Investments Inc., will provide a £240-million corporate mezzanine development facility to British-based property investment and development company Quintain as part of a larger financing effort to further support the development of Wembley Park. According to a press release, Quintain aims to transform Wembley Park into a neighbourhood comprising new homes, venues, shops and work spaces from an events destination.

Read: CPPIB to acquire Ascot Underwriting for US$1.1B

“This investment fits well with our strategy of providing customized, large-scale funding solutions to borrowers with high-quality underlying real estate assets,” said Geoff Souter, managing director and head of private real estate debt at the CPPIB, in a news release.

Wells Fargo and AIG provided the remaining debt, in the form of a revolving senior position.

“We are delighted to have secured the support of three major global financial institutions for a new corporate lending facility, which provides the flexibility we need to deliver our plans to build new homes for London,” said Simon Carter, finance director of Quintain.

Read: CPP fund increases by $13.2B with ‘solid gains’ during the quarter

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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