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 announced the acquisition of the ‘Hoxton Campus’, which consists of four offices located around Hoxton Square in the Shoreditch area of London, N1.
Hoxton Square sits at the east end of London’s Tech City, the most established tech cluster in Europe, and a London sub-market that Aviva Investors believes is likely to experience strong future demand for office space given its scale and ability to attract and nurture talent in the era of knowledge capitalism.
The four office buildings included in the transaction together represent 55,974 sq ft (5,200 sq m) of lettable office space, creating a ‘campus’ of complementary assets. Floor space ranges from 1,105 sq ft to 5,276 sq ft, with two-thirds of the net internal area having been subject to complete redevelopment behind the retained facades, and the remaining accommodation significantly refurbished. Three of the acquired assets sit directly on Hoxton Square with the fourth located on Old Street.
The deal represents the fifth investment that Aviva Investors and PSP Investments have made together since 2015, originally investing in a portfolio of commercial properties in central London.In 2019, Aviva Investors and PSP Investments announced the intention to invest up to £250 million in commercial property across the CB1 Estate of Cambridge, a master-planned sustainable, mixed-use development spanning 26 acres in the Station Road area of the city.
Last year Aviva Investors and PSP Investments extended their relationship into continental Europe by acquiring Galleri K, a mixed-use retail, leisure and office asset located in the centre of Copenhagen’s retail district. Copenhagen is one of 12 European hubs Aviva Investors expects to thrive as a ‘city of the future’ due to its pool of talent, culture and connectivity, combined with a highly-developed approach to sustainable living.
Source : Joint release