Canada Pension Plan Investment Board Acquires Stake in Bullring Shopping
Centre, Birmingham, U.K.
TORONTO, ONTARIO -- (Marketwired) -- 05/03/13 --
Editors Note: There is a photo associated with this press release.
Canada Pension Plan Investment Board (CPPIB) announced today it has
formed a new 50%/50% joint venture with Hammerson to acquire a 33.3%
stake in Bullring Shopping Centre for GBP 307 million from the Future
The ownership of Bullring is now held 50% by Hammerson (this 16.7% is
in addition to its 33.3% existing stake), 16.7% by CPPIB and 33.3% by
the Henderson Shopping Centre Fund. CPPIB has a small indirect
interest in Bullring through its investment in the Henderson Shopping
"This transaction provides CPPIB with further scale and opportunity
in Bullring and is in line with our U.K. retail strategy of investing
in high-quality assets in major locations with strong growth
potential," said Graeme Eadie, Senior Vice-President and Head of Real
Estate Investments, CPPIB. "We are pleased to expand our relationship
with Hammerson, one of Europe's leading retail property companies,
whom we know well having worked together successfully on other
Located in Birmingham, Bullring is one of the U.K.'s top ten retail
destinations with 167 tenants including high-quality fashion and
catering brands. Anchored by Selfridges and Debenhams, it is over 99%
leased and attracts some 40 million shoppers per year. It continues
to attract leading domestic brands, expanding international
retailers, and high-end restaurants and cafes to Birmingham.
Hammerson will continue to have responsibility for asset management
and development for the centre.
"This is an excellent opportunity to enhance our position in one of
the U.K.'s strongest shopping destinations at an attractive entry
price," said David Atkins, Hammerson Chief Executive. "Bullring is an
iconic centre which has performed extremely well since opening in
2003, and I am confident in the continued future success of Bullring
as consumer demand for venues which offer exceptional experiences
continues to rise."
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional
investment management organization that invests the funds not needed
Canada Pension Plan (CPP) to pay current benefits on behalf of
18 million Canadian contributors and beneficiaries. In order to build
a diversified portfolio of CPP assets, CPPIB invests in public
equities, private equities, real estate, infrastructure and fixed
income instruments. Headquartered in Toronto, with offices in London
and Hong Kong, CPPIB is governed and managed independently of the
Canada Pension Plan and at arm's length from governments. At December
31, 2012, the CPP Fund totalled C$172.6 billion of which C$19.2
billion represents real estate investments. For more information,
please visit www.cppib.com.
To view the photo associated with this press release, please visit
the following link:
+44 (0) 20 7887 1009
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