Aviva Investors, the global asset management business of Aviva plc (“Aviva”), and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investment managers, have agreed to invest up to £250 million in commercial property in Cambridge. Aviva Investors and PSP Investments in 2015 invested in a portfolio of commercial properties in central London, currently worth over £400 million.
Aviva Investors and PSP Investments view Cambridge as one of the UK’s most durable and attractive real estate locations due to its position as a world-class knowledge centre in technology, artificial intelligence, biotech and life sciences. The new investment will acquire a mix of ground up and standing assets located in the CB1 Estate in Cambridge, a master-planned development covering 26 acres and including:
- 50/60 Station Road, a 167,000 sq ft grade-A development completed in April 2019, fully let to market-leading technology and professional services businesses.
- 30 Station Road, a 81,500 sq ft scheme that is pre let to a leading global technology company on a 10-year FRI lease. Construction commenced in September 2019, with completion scheduled for Q3, 2021.
Aviva Investors will act as development manager and asset management partner, working alongside Brookgate as the developer.
Source : Company