LONDON, May 12, 2022 /CNW/ – Federated Hermes, Inc., on behalf of the BT Pension Scheme (BTPS), and Canada Pension Plan Investment Board (CPP Investments) today announced a new partnership to own and develop Silverstone Park (the Park), the engineering and technology business park. MEPC, the wholly owned subsidiary of Federated Hermes, will continue in their role as development and asset manager, having established the Park over the past eight years on behalf of BTPS, building a strong management team and community relationships.
CPP Investments Logo (CNW Group/Canada Pension Plan Investment Board)
CPP Investments will commit £135M (C$228M) to the joint venture and hold a 50% interest, with further investment planned to support the future development pipeline of the Park. Silverstone Park stands at 676k sq. ft of income-producing assets let to a strong and diverse tenant base in addition to 92.6 acres of land upon which has long term development potential for a range of uses.
Silverstone Park is located in the Oxford-Cambridge Innovation Arc, one of the fastest growing areas of the UK supporting more than two million jobs and contributing over £110 billion annually to the UK economy. The Park is situated immediately adjacent to the Silverstone Circuit, the home of the Formula One Grand Prix.
The Park provides a global destination for innovation, business development and engineering, and has attracted over 80 high-tech engineering companies with current occupiers focused on automotive, engineering, defence, manufacturing, and electronics. The asset has also developed ties and collaboration schemes with local schools and colleges, including STEM and innovation programmes.
CPP Investments and Federated Hermes, as investment manager of BTPS’s UK property investments, have previously co-invested on the development of other MEPC managed assets in Paradise Birmingham, Wellington Place and Milton Park.
Chris Taylor, CEO Real Estate, Federated Hermes said:
“This is a noteworthy extension of our highly successful partnership with CPP Investments. Our vision for Silverstone Park is to build on the history, heritage and global reputation of the Silverstone Circuit, creating a home for engineering, innovation and business development beyond the world of motor sport, and we are delighted to share these aspirations with our joint venture partner.”
Tom Jackson, Managing Director, Head of Real Estate UK, CPP Investments said:
“We have successfully partnered with Federated Hermes on several projects in the UK, investing in long-term development projects in …….