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London Property Sale Worth $500 Million Collapses in Virus Havoc

  • CPPIB’s planned sale of stake in Nova building falls through
  • Singapore’s ARA Asset Management was in line to buy stake
Members of the public sit outside in the Nova development in London.

Members of the public sit outside in the Nova development in London.

Photographer: Jason Alden/Bloomberg

The Canada Pension Plan Investment Board’s planned sale of its 50% stake in the 900 million pound ($1.05 billion) Nova development in London’s Victoria district has collapsed as coronavirus roils global real estate markets.

Singapore-based ARA Asset Management Ltd., which was lined up to purchase the pension fund’s half of Nova, will no longer carry out the deal, according to people familiar with the matter, who asked not to be identified because the details are private.