Canada Pension Plan Investment Board announces joint venture to invest C$307 million in London's West End office market
On July 21, 2011, Canada Pension Plan Investment Board ("CPPIB") and Grosvenor Fund Management ("GFM") announced that they 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 C$291.7 million (£190 million) in this venture, and GFM will invest C$15.4 million (£10 million) and lead asset sourcing and management activities.
The Partnership's plan is to invest in London's West End and Midtown value-added office opportunities with shorter term lease profiles that can be refurbished to a Class A standard.
Further information can be found on the websites of The Globe and Mail and Canada Pension Plan Investment Board.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. At March 31, 2011, the CPP Fund totalled C$148.2 billion.
Grosvenor Fund Management is an international property development, investment and fund management group. The company operates from offices in China, France, Italy, Japan, Luxembourg, Spain, the U.K. and the United States.