CPPIB has officially launched the sale of its 50% stake in Nova, the mixed-use development in Victoria, SW1, that it owns with Landsec.
Eastdil Secured has been instructed to look for buyers.
The scheme, which is based on a 5.5-acre site and includes Nova North, Nova South and The Nova Building, comprises residential, commercial and retail space.
Although Landsec is not actively looking to sell its 50% stake in Nova, it is understood that both parties would consider any offers put forward for the whole development.
The entire joint holding, which has been priced at £900m, reflects a net initial yield of 4.5%.
Nova became fully let in December with the final 10,000 sq ft being taken by Nord Anglia Education.
Other tenants include SNC-Lavalin and its Atkins and Faithful+Gould businesses, Vitol, Brambles, BHP Billiton, Egon Zehnder and LEK Consulting.
Around 200,000 sq ft of mixed-use space, known as Nova East, is still to be built.
Landsec declined to comment. CPPIB has been contacted for comment.
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