Hermes Real Estate Investment Management Limited and Canada Pension Plan Investment Board (CPPIB) have acquired Aldgate House in London as part of their 50:50 office joint venture.
Hermes Real Estate Investment Management Limited and Canada Pension Plan Investment Board (CPPIB) have acquired Aldgate House in London as part of their 50:50 office joint venture.
The property was purchased for £100 mln (€118 mln) from the vendor, clients of Orchard Street Investment Management.
The deal marks the Hermes-CPPIB partnership’s first purchase following its formation in July.
The multi-let asset provides 19,880 m2 of office accommodation next to Aldgate Underground station. Occupiers in the building include Thomson Reuters, LCH Clearnet and ISG.
Hermes and CPPIB initially formed their joint venture to acquire eight Central London office assets.
The offices come from the portfolio of Hermes' client, the BT Pension Scheme.
