Federated Hermes and CPP Investments Team Up on Silverstone Park
Posted on 05/12/2022
Federated Hermes, Inc., on behalf of the BT Pension Scheme (BTPS), and Canada Pension Plan Investment Board (CPP Investments) announced a new partnership to own and develop Silverstone Park, the engineering and technology business park. MEPC, the wholly owned subsidiary of Federated Hermes, will continue in their role as development and asset manager, having established the Park over the past eight years on behalf of BTPS, building a strong management team and community relationships. Silverstone Park is located in the Oxford-Cambridge Innovation Arc.
CPP Investments will commit £135 million to the joint venture and hold a 50% interest, with further investment planned to support the future development pipeline of the Park. Silverstone Park stands at 676k square feet of income-producing assets let to a strong and diverse tenant base in addition to 92.6 acres of land upon which has long term development potential for a range of uses.
CPP Investments and Federated Hermes, as investment manager of BTPS’s UK property investments, have previously co-invested on the development of other MEPC managed assets in Paradise Birmingham, Wellington Place and Milton Park.