Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Victoria Circle, London
Victoria Circle, London

CPPIB to develop London's Victoria Circle Add to ...

The Canada Pension Plan Investment Board has formed a joint venture with Land Securities Group PLC, the U.K.’s biggest commercial property firm, to develop Victoria Circle, London SW1.

The news comes one day after CPPIB announced its largest real estate investment ever, with the contribution of $1.8-billion (U.S.) to a joint venture that will own 10 regional malls and two redevelopment sites in the U.S.

More related to this story

The pension plan has been ramping up its real estate investments in the last couple of years, in part because it sought to decrease its reliance on stocks and bonds. With its latest investment in U.S. shopping centres, it will become one of the largest institutional investors in that space.

The Victoria Circle development that CPPIB announced Wednesday will include five new buildings that will be opposite Victoria Station. They will likely take upwards of six years to complete, but once built they will have 910,000 square feet of space that will be a mix of residential, office, retail and public amenities, and is estimated to be worth more than £1-billion.

Land Securities already owned the existing properties on the 5.5 acre Victoria Circle site and is selling them to the joint venture for £163-million. There are currently tenants in the buildings, and so they can’t be demolished before September.

Globe Investor - GIT Upsells
It's never been a better time to get Globe Unlimited
Try Globe Unlimited, featuring new Globe Investor Tools, for a special trial rate. Only 99¢ for your first month.

Are you a Globe Investor Gold subscriber?
You qualify for complimentary access to Globe Unlimited.
Visit: globeandmail.com/globeplusunlimited
Try it today

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories