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CPPIB Acquires A 50% Interest In Birmingham Mega-Development

Birmingham's central business district where market sentiment may be shifting. Pictured: The Paradise Scheme, Birmingham, developed by Federated Hermes.

Canada Pension Plan Investment Board is taking a 50% stake in the £150M first phase of the £1B Paradise Birmingham development. The 1.8M SF project, among the UK’s largest, is jointly owned by Hermes Investment Management and Birmingham City Council. The deal represents an extension of Hermes and CPPIB’s regional JV at Wellington Place in Leeds. Paradise Birmingham, developed by Argent, will include offices, shops, cafés, restaurants and a hotel across 10 buildings. Phase 1, seen above, started in late 2015 and includes two new office buildings: One and Two Chamberlain Square.