The two investors have entered into a new joint venture on land at Wellington Place in Leeds, unlocking a further development of approximately eight acres, with outlined planning permission for 93,000 m2 (1,000,000 sq ft).
Developer MEPC is already developing the site at Wellington Place, which to date has seen 20,000 m2 of office and leisure space built at numbers 1, 2 , 5, 6 and 10 Wellington Place.
Chris Taylor, head of private markets at Hermes Investment Management said: “As like-minded, long term, risk aware investors, our partnership with CPPIB continues to go from strength-to-strength as we move into the next phase of Wellington Place. Through this partnership, we are able to continue bringing regional development projects like this to fruition by means of a sustainable approach to regeneration.”
MEPC chief executive James Dipple said: “The success of this project is underpinned by the commitment of two major international investors. Wellington Place is and will continue to be a development that promotes a healthy and active work life balance with features such as an onsite fitness facility and social café.”