CPP Investments sells stake in Birmingham shopping centres

On July 31, 2025, Canada Pension Plan Investment Board (“CPP Investments”) announced that it reached a definitive agreement to sell its 50% joint venture stakes in the Bullring and Grand Central Shopping Centres in Birmingham, United Kingdom to its long-standing joint venture partner, Hammerson Plc (“Hammerson”) for £319 million.

Bullring and Grand Central is a major shopping area connected via pedestrian overpass in central Birmingham. Together, they form the largest city-centre shopping destination in the United Kingdom, home to thousands of brands and more than 240 stores.

The Bullring represented the majority of the transaction and was sold at book value, with a net initial yield of 6.4% and a topped-up yield of 7.1%. CPP Investments originally invested in a 16.7% interest in the Bullring in 2013 and, subsequently, increased its holding to 50% in 2022. The investment in Grand Central was made in 2016.

CPP Investments expects to receive approximately C$615 million in net proceeds from the sale.

Closing of the transaction took place on August 7, 2025.

Further information can be found on Newswire Canada’s website.

CPP Investments is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 22 million contributors and beneficiaries. At March 31, 2025, the Fund totalled C$714.4 billion.

Hammerson is a real estate investment trust that owns, operates, and develops sustainable prime urban real estate in some of the fastest growing cities in the UK, Ireland and France.