CPPIB and Hermes to purchase London's South Bank Tower
The Canada Pension Plan Investment Board (CPPIB) and U.K.-based real estate investor Hermes Real Estate, as part of their 50:50 London partnership, have agreed to buy the mixed-use development South Bank Tower. The acquisition of offices and retail elements, along with the residential ground rent income, of the property will occur by way of a forward commitment to purchase from joint venture owners, Jadwa Investment and British private equity real estate firm CIT Group. The financial terms of the transaction were not disclosed.
6 June 2014•4 mins read
