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The Canadian Pension Plan Investment Board could be edging toward effective control of the Bullring shopping centre if a projected sale by Nuveen Real Estate goes ahead.
Nuveen is preparing to sell its one-third stake in the 1.58M SF shopping centre, according to multiple reports.
CPPIB already owned one-third following an acquisition in 2013. Together with Hammerson it acquired the 33.3% stake held by Future Fund, the Australian sovereign wealth fund, paying £307M.
The other half of the Bullring is still owned by Hammerson.
Savills is advising on the Nuveen sale, CoStar reported.
The move marks CPPIB’s steady advance through the UK shopping centre world. It took control of Manchester’s Trafford Centre in December 2020, following the implosion of the Intu empire.
At the time it was understood CPPIB was a reluctant majority shareholder, having been the junior lender to the centre, and taken control through its ownership of the debt.
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