CPPIB Acquires Stake in Bullring Shopping Centre – UK
According to the press release, “Canada Pension Plan Investment Board (CPPIB) announced today it has formed a new 50%/50% joint venture with Hammerson to acquire a 33.3% stake in Bullring Shopping Centre for £307 million from the Future Fund.
The ownership of Bullring is now held 50% by Hammerson (this 16.7% isin addition to its 33.3% existing stake), 16.7% by CPPIB and 33.3% by the Henderson Shopping Centre Fund. CPPIB has a small indirect interest in Bullring through its investment in the Henderson Shopping Centre Fund.
‘This transaction provides CPPIB with further scale and opportunity in Bullring and is in line with our U.K.retail strategy of investing in high quality assets in major locations with strong growth potential,’ said Graeme Eadie, Senior Vice-President and Head of Real Estate Investments, CPPIB. ‘We are pleased to expand our relationship with Hammerson, one of Europe’s leading retail property companies, whom we know well having worked together successfully on other investments.’
Located in Birmingham, Bullring is one of the U.K.’s top ten retail destinations with 167 tenants including high-quality fashion and catering brands. Anchored by Selfridges and Debenhams, it is over 99% leased and attracts some 40 million shoppers per year. It continues to attract leading domestic brands, expanding international retailers, and high-end restaurants and cafésto Birmingham. Hammerson will continue to have responsibility for asset management and development for the centre.
‘This is an excellent opportunity to enhance our position in one of the U.K.’s strongest shopping destinations at an attractive entry price,’ said David Atkins, Hammerson Chief Executive. ‘Bullring is an iconic centre which has performed extremely well since opening in 2003, and I am confident in the continued future success of Bullring as consumer demand for venues which offer exceptional experiences continues to rise.'”
Read more: CPPIB Press Release
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