(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.”
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 18 November 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.
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 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.
For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit:
Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
Our vision is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our International businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.
Total group assets under management at Aviva group are £522 billion and our Solvency II capital surplus is £12.0 billion (HY20). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
For more details on what we do, our business and how we help our customers, visit
The Aviva newsroom at www.aviva.com/newsroom includes links to our image library, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
You can follow us on Twitter:
You can follow us on LinkedIn: www.linkedin.com/company/aviva-plc
For the latest corporate films from around our business, subscribe to our YouTube channel:
We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.