PSP, BCI's QuadReal invest in London rental housing scheme

Public Sector Pension Investment Board (PSP Investments) and QuadReal Property Group have agreed to invest in the Cherry Park Partnership, a London, U.K.-focused rental housing scheme. PSP and QuadReal are partnering with Unibail-Rodamco-Westfield (URW) in the €750 million ($1.1 billion) scheme, which will develop and operate new residential properties adjacent to Westfield Stratford City in London. PSP and QuadReal, which is owned by British Columbia Investment Management Corp (BCI), will each take a 37.5 percent stake in Cherry Park. URW will hold a a 25 percent interest.

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