Canada Pension Plan Investment Board, Toronto, and Grosvenor Fund Management formed a joint venture to invest up to C$310 million (US$326.5 million) in London’s West End and Midtown office market, according to a CPPIB news release.
The joint venture will target properties worth up to C$155 million. The board is contributing C$295 million and Grosvenor, C$15.5 million.
“This venture with Grosvenor Fund Management provides us with an entry point into an attractive, niche commercial real estate market in West End London,” Graeme Eadie, senior vice president, real estate investments, at CPPIB, said in the news release.
Neither CPPIB spokeswoman Linda Sims nor Grosvenor spokeswoman Sorrel Comley could be reached for comment.