CPPIB to buy 50 pct stake in U.K. business park from Hermes

Canada Pension Plan Investment Board (CPPIB) has agreed to acquire a 50 percent equity stake in Milton Park, a British business, science and technology park. CPPIB agreed to pay about $330 million (£200 million) to Hermes Investment Management for the interest. MEPC Ltd, a London-based property developer and asset manager, will continue to oversee Milton Park under the new ownership arrangement. MEPC said CPPIB's investment will support the continued expansion of businesses in the 250-acre location.

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