Wellington Place: CPPIB and Hermes Real Estate Form New JV
The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate, part of Hermes Investment Management, created a new UK regional joint venture partnership. The CPPIB and Hermes already have an existing London office joint venture formed in July 2013.
This new partnership will involve Hermes Real Estate selling 50% of the development phase of mixed-use Wellington Place in Leeds to CPPIB. Furthermore, the new partnership makes Hermes Real Estate and CPPIB commit equity to the project on a 50:50 basis. The gross development value is in excess of £185 million.
Wellington Place is being developed and managed by MEPC. The masterplan in Leeds envisions 1.5 million square feet of commercial, retail, leisure and residential space.
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