Canadian investor CPP Investments pledges £ 56million to Paradise

A Canadian pension fund has pledged £ 56million for the next building under development in Paradise Birmingham, expanding its involvement in the city center transformation.

CPP Investments has become a joint venture partner of One Centenary Way, the third office building in the program.

The Paradise redevelopment is being implemented by a private-public joint venture between Birmingham City Council and the international firm of Federated Hermes, which manages private sector funding.

CPP Investments and Federated Hermes have already come together to fund the first phase of Paradise, which included the development of One and Two Chamberlain Square. They have also partnered on Wellington Place in Leeds and Milton Park Business Park in Oxfordshire.

Chris Taylor, Managing Director of Real Estate at Federated Hermes, said: “This agreement is a vote of confidence in the city of Birmingham and Paradise in particular.

“We have worked closely with CPP Investments on the delivery of the first phase of the project and we are delighted that they are investing in One Centenary Way, which will further strengthen Paradise’s credentials as a premier business destination. UK. “

Arup has already signed on for three floors of One Centenary Way, which currently has floor-to-ceiling windows added to the steel framing of Centenary Square.

Work began on the building almost two years ago and it is expected to be completed by Easter 2023.

Keep an eye out for the first of nearly 1,000 panes of glazing that began to be installed at One Centenary Way. This is an important step in bringing this revolutionary building to life in #HeartOfBrum. @WeAreMcAlpine @Glenn_Howells pic.twitter.com/98rwSuQo0p

– Paradise Birmingham (@ParadiseBham) October 27, 2021

Tom Jackson, UK Real Estate Manager at CPP Investments, said: “Our partnership with Federated Hermes, and the existing joint venture investments we have together in Birmingham, Leeds, Oxford and London, are producing strong results for help us support PPC contributors and grantees and are part of our wider commitment to continue our investments in the UK.

Paradise received planning permission in 2013 for a 1.8m² development of 10 office buildings, a hotel and a 49-story residential tower now known as the Octagon.

PwC moved into One Chamberlain Square in January 2020, while DLA Piper, Knights, Mazars and Atkins will occupy number two.

One Centenary Way is a 13 story development with 286,000 square feet of office and retail space on the ground floor and is the first building in Phase Two of Paradise. Planning applications for Three Chamberlain Square, the hotel and public works were submitted in September.