(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 announced the joint funding of a brand new office building at 20 Station Road, Cambridge.
Aviva Investors and PSP Investments are jointly funding the 65,000 sq ft development, which has been fully pre-let, to a premium flexible workspace provider, through a joint venture.
The building, which is being developed by Brookgate, will offer six storeys of high-specification office space, including open desks, private offices, meeting rooms, wellness areas, event space and roof terraces. It has been designed by award-winning architecture and design firm tp bennett, with construction expected to be completed in 2023.
20 Station Road adds to the existing portfolio of ground-up and standing assets that Aviva Investors and PSP Investments have acquired in Cambridge, with both firms viewing the city as a particularly attractive market for gaining exposure to high-quality UK real estate that caters to businesses, communities and individuals. In November 2019, the partnership announced an agreement to invest up to £250 million in commercial property across the CB1 Estate, a master-planned development spanning 26 acres, which includes:
- 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.
- 50/60 Station Road, a 167,000 sq ft grade-A development completed in April 2019, which was fully let in 2019 to leading technology and professional services businesses including Brewin Dolphin, the private wealth manager, Genomics, the genome research specialist, and WeWork.
Daniel McHugh, Managing Director, Real Estate at Aviva Investors, said:
“We are very pleased to grow our partnership with PSP Investments, in a city which we believe represents one of the most attractive real estate opportunities in the UK. We believe that adding 20 Station Road to our existing portfolio provides us with a high-quality asset that sits well within our strategic focus on core locations, and which can offer long-term growth and performance potential for investors.”
Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said:
“The continuation of our partnership with Aviva Investors in Cambridge reflects our confidence in the city’s long-term performance potential as a centre of innovation. Cambridge’s world leading education and research institutions act as a hub and anchor for the artificial intelligence and life science disciplines, making the region a key knowledge cluster driving future performance”
Melanie Collett, Head of Real Estate Asset Management at Aviva Investors, said:
“With the nature of the office market changing, we are seeing a flight to quality assets in areas rich with knowledge capital. Demand for office space remains elevated in locations such as Cambridge given its strong location. Not only is the city a significant knowledge hub and a leading centre of research in technology, biotechnology and life sciences, but its world-leading universities means it can offer a wealth of future talent to those industries. We see these as being critical characteristics in determining successful cities of the future.”
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 £355 billion in assets as at 30 June 2020.
Aviva Investors Americas (AIA) and Aviva Investors Canada (AIC) are the US and Canadian members of a group of internationally affiliated investment advisers collectively referred to as 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, Continental Europe, North America and the United Kingdom with assets under management of over £354 billion ($438 billion USD, $597 billion CAD) globally as of June 30, 2020.
Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages £346 billion in assets. Total group assets under management at Aviva group are £490 billion.
By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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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.
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Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as of November 18, 2020. 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. Past performance does not indicate future results.
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 Canada, Inc. is located in Toronto and is based within the North American region of the global organization of affiliated asset management businesses operating under the Aviva Investors name. AIC is registered as an exempt market dealer and portfolio manager in each province of Canada and as a commodity trading manager in Ontario.
2020-0756 – Press Release Canada – November 2020