On the go: The £57.5bn BT Pension Scheme, via Federated Hermes, has sold part of its stake in the engineering and technology business park Silverstone Park to the $550.4bn (£342.6bn) Canada Pension Plan Investment Board.
A spokesperson at the pension scheme told MandateWire it had sold half of its stake in the park to CPP Investments.
CPP Investments will commit £135mn to the joint venture and hold a 50 per cent interest, with further investment planned to support the future development pipeline of the park.
Chris Taylor, chief executive of real estate at Federated Hermes, commented: “This is a noteworthy extension of our highly successful partnership with CPP Investments.
“Our vision for Silverstone Park is to build on the history, heritage and global reputation of the Silverstone Circuit, creating a home for engineering, innovation and business development beyond the world of motor sport, and we are delighted to share these aspirations with our joint venture partner.”
MEPC, the wholly owned subsidiary of Federated Hermes, will continue its role as development and asset manager, having established Silverstone Park over the past eight years on behalf of BTPS.
CPP Investments and Federated Hermes, as investment manager of BTPS’s UK property portfolio, have previously co-invested on the development of other MEPC managed assets in Paradise Birmingham, Wellington Place and Milton Park.
This article first appeared on MandateWire.com
