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 joint funding of a brand new office building at 20 Station Road, Cambridge.
Aviva Investors and PSP Investments are jointly funding the 65,000 sq ft development, which has been fully pre-let, to a premium flexible workspace provider, through a joint venture.
The building, which is being developed by Brookgate, will offer six storeys of high-specification office space, including open desks, private offices, meeting rooms, wellness areas, event space and roof terraces. It has been designed by award-winning architecture and design firm tp bennett, with construction expected to be completed in 2023.
20 Station Road adds to the existing portfolio of ground-up and standing assets that Aviva Investors and PSP Investments have acquired in Cambridge, with both firms viewing the city as a particularly attractive market for gaining exposure to high-quality UK real estate that caters to businesses, communities and individuals. In November 2019, the partnership announced an agreement to invest up to £250 million in commercial property across the CB1 Estate, a master-planned development spanning 26 acres, which includes:
· 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.
· 50/60 Station Road, a 167,000 sq ft grade-A development completed in April 2019, which was fully let in 2019 to leading technology and professional services businesses including Brewin Dolphin, the private wealth manager, Genomics, the genome research specialist, and WeWork.
Source : Aviva