Canada Pension Plan Investment Board is poised to buy a 50% stake in Land Securities’ Victoria Circle, SW1, scheme for £150m.
The investor is understood to have entered negotiations with Land Securities to partner it on its plans for a £1bn redevelopment of land bounded by Victoria Street, Bressenden Place and Buckingham Palace Road.
The REIT instructed CBRE in late 2011 to find it a 50:50 jv partner to create a 949,990 sq ft mixed-use scheme.
There will be a phased completion of the buildings between 2016 and 2018. The scheme has been drawn up by architects PLP Architecture, Benson + Forsyth and Lynch Architects.
CPPIB has previous partnered Hammerson to acquire 10 Gresham Street, EC2, for £183m, as well as the Netherlands’ APG to buy a 50% stake in the Westfield Straford City shopping centre, for £871.5m.
joanna.bourke@estatesgazette.com
