CPPIB Acquires 50% Stake In Birmingham Mall
Canada Pension Plan Investment Board has formed a 50-50 JV with European developer Hammerson to acquire Grand Central Shopping Centre in Birmingham, the UK's second-largest city. CPPIB’s stake in the deal is valued at £175M. Opened in September 2015, Grand Central has 435k of retail, with 40 premium stores and 20 casual dining brands. The centre sits above the redeveloped New Street Station, creating a gateway in the heart of Birmingham. CPPIB said the JV demonstrates its long-term commitment to the UK, the country's regional markets in particular.