Aviva Investors announces new £250m commercial property investment in Cambridge with PSP investments

(London) – Aviva Investors, the global asset management business of Aviva plc (“Aviva”), and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada's largest pension investment managers, have agreed to invest up to £250 million in commercial property in Cambridge. Aviva Investors and PSP Investments in 2015 invested in a portfolio of commercial properties in central London, currently worth over £400 million.

station road brookgate

Aviva Investors and PSP Investments view Cambridge as one of the UK’s most durable and attractive real estate locations due to its position as a world-class knowledge centre in technology, artificial intelligence, biotech and life sciences. The new investment will acquire a mix of ground up and standing assets located in the CB1 Estate in Cambridge, a master-planned development covering 26 acres and including:

  • 50/60 Station Road, a 167,000 sq ft grade-A development completed in April 2019, fully let to market-leading technology and professional services businesses.
  • 30 Station Road, a 81,500 sq ft scheme that is pre let to a leading global technology company on a 10-year FRI lease. Construction commenced in September 2019, with completion scheduled for Q3, 2021.

Aviva Investors will act as development manager and asset management partner, working alongside Brookgate as the developer.

Daniel McHugh, Managing Director, Real Estate, Aviva Investors Real Assets, said:

“We are excited to expand our successful partnership with PSP Investments in Cambridge, which is one of our key office cluster locations due to its deep talent pool and ability to attract leading global businesses. Station Road provides exposure to high-quality assets with a range of risk and return profiles, and we look forward to growing this strategy with PSP Investments.”

Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: 

“Building on our existing partnership with Aviva, PSP is continuing its strategy of investing in key innovation markets. Cambridge is one of the UK’s leading knowledge clusters for artificial intelligence and life sciences, and we believe the regeneration of the Station Road area will outperform in the long term.”

Melanie Collett, Head of Real Estate Asset Management, Aviva Investors Real Assets, said:

“The Cambridge commercial property market benefits from strong cluster effects, with businesses supported by incubator and innovation spaces, strong knowledge sharing in local networks and a wealth of employable graduates. We continue to see high demand for space from many global firms, with cutting-edge technology and business services firms among the occupiers in our properties as we create leading locations that cater to businesses, communities and individuals.”

For more information contact:

Steve Ainger

Head of Media Relations

James Morgan

Media Relations Manager

Important information:

The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice. 

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media. 

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 22 October 2019. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature.  The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. 

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805.  Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ   Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £346 billion in assets as at 30 June 2019.


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