JV Investing up to £200M in London's West End

A joint venture between Grosvenor Fund Management and the Canada Pension Plan Investment Board (CPPIB) has formed this summer to invest up to £200 million in London's West End office market over the next two years according to a Benefits Canada article. Grosvenor will invest £10 million and lead asset sourcing and management activities while CPPIB will invest the remaining £190 million.

Wenzel Hoberg, Canada Pension Plan Investment Board's managing director and head of European real estate investments, said, "This venture with Grosvenor Fund Management provides us with an entry into an attractive, niche commercial real estate market in West End London. This investment aligns with our existing European real estate investment strategy and introduces us to a well-respected partner in Grosvenor Fund Management, which has a unique knowledge of the West End office market and strong active management and refurbishment expertise."

Mervyn Howard, Director Grosvenor Fund Management, said: "We are delighted to have formed this venture with CPPIB who share our belief in the future strength of the central London office market. Grosvenor and Grosvenor Fund Management have been active in the London office market through many cycles. We have the in-house skills to execute the strategy of the Partnership and believe the timing is right."

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