CPPIB to invest in early development of U.K.'s Paradise Birmingham

Canada Pension Plan Investment Board (CPPIB) said it has agreed to participate in the initial development of Paradise Birmingham, a 1.8 million square-foot, mixed-use project located outside of London, United Kingdom. CPPIB will commit to a 50 percent share of the £150 million ($285 million) first phase of the £1 billion ($1.9 billion) project, which is jointly owned by Hermes Investment Management and Birmingham City Council. The investment by CPPIB will extend the pension fund manager's regional joint venture with Hermes at Leeds’ Wellington Place, announced in 2014.

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