A real estate partnership co-owned by the Public Sector Pension Investment Board has broken ground on a $1.1-billion private student residence in London, England.

The Cherry Park partnership, formed in March by the PSP, European real estate company Unibail-Rodamco-Westfield and Vancouver-based QuadReal Property Group, a subsidiary of the British Columbia Investment Management Corp., is expected to be complete after 2023.

The development, which is located in London’s Stratford borough, will have 1,200 homes with between one and four bedrooms each in towers and mansion blocks, as well as a gym, swimming pool and workspace for residents.

Read: PSP takes further stake in London student housing

In other investment news, the PSP was a participating member in a recent US$205-million funding round for San Francisco-based health technology company Collective Health Inc.

The round was led by the SoftBank Investment Advisers’ Softbank Vision Fund with additional participation from DFJ Growth and G Squared, as well as other existing Collective Health investors.

“We’re appreciative of our investors, both new and returning, in their commitment to supporting our mission to fix the deepest rooted problems in health care today,” said Ali Diab, co-founder and chief executive officer at Collective Health, in a press release.

Collective Health integrates employers’ health benefits plan administration, claims adjudication, financial information, support for members and analytics into one platform.

The company said it plans to use the funds to increase its platform’s adoption among U.S. employers by strengthening its national sales, engineering and customer experience teams in San Francisco, Chicago and Lehi, Utah.

Read: Ontario Teachers’ launches venture capital investment platform

It also plans to add more industry partners, including local and national preferred provider organizations, provider systems that serve the commercial market and digital health solutions that could enable better employer reporting and member engagement.

Collective Health said it also wants to improve its technology capabilities, specifically around claims and payment technology, member navigation and fraud detection, “to address fundamental health insurance service issues that plague U.S. consumers and employers alike.”

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

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