Grosvenor Fund Management and the Canada Pension Plan Investment Board (CPPIB) have formed a joint venture partnership to invest up to £200 million in London’s West End office market over the next two years.
CPPIB will invest £190 million in this venture and Grosvenor Fund Management will invest GBP 10 million and lead asset sourcing and management activities. The partnership’s strategy is to invest in London’s West End and Midtown value-added office opportunities.
Wenzel Hoberg, CPPIB’s managing director and head of real estate investments, Europe, said, “This venture with Grosvenor Fund Management provides us with an entry into an attractive, niche commercial real estate market in West End London. This investment aligns with our existing European real estate investment strategy and introduces us to a well-respected partner in Grosvenor Fund Management, which has a unique knowledge of the West End office market and strong active management and refurbishment expertise.”