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Shoppers in London's West End.

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The Canada Pension Plan Investment Board has entered a joint venture worth up to $307-million in which it will invest in London's West End office market alongside partner Grosvenor Fund Management.

CPPIB will invest up to $291.7-million over the next two years in the project.

The remainder will be made up by Grosvenor Fund Management, which has committed to investing up to $15.4-million.

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Their plan is to identify properties with shorter-term leases that can be refurbished into "class A-standard" offices.

CPPIB has made previous investments in London's West End offices.

The most recent was last fall, when it paid $468-million for prime British retail property being developed next to the site of the 2012 London Summer Olympics.

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