(London) – Aviva Investors, the global asset management business, and the Public Sector Pension Investment Board (‘PSP Investments’), one of Canada's largest pension investors, announce they have completed the sale of 11-12 Hanover Square in London’s West End to a joint venture between Delancey and Aware Super.
The sale marks the conclusion of a highly successful joint investment strategy and business plan by Aviva Investors and PSP Investments.
Developed by Aviva Investors in 2017, 11-12 Hanover Square is a prime West End development which provides nearly 35,000 sq ft of modern office space alongside 13,000 sq ft of flagship retail facing onto Oxford Street. The redeveloped asset was successfully let to tenants including Summit Partners, Pollen Street Capital and New Balance, underscoring the strength of the asset and the stewardship by both Aviva Investors and PSP Investments.
Ed Atterwill, Head of Central London at Aviva Investors, said:
“The sale of 11-12 Hanover Square secures a strong investment outcome and is testament to the continued demand for prime, modern, central London office space. The yield achieved reflects both the quality of the redevelopment undertaken to futureproof the building, as well as our ongoing asset management throughout our ownership. Its sale will enable us to redeploy capital into key conviction sectors, including prime London offices and our growing development pipeline, through to UK single-family housing and urban warehousing.”
Stéphane Jalbert, Managing Director, Real Estate Investments, Head of Europe and Asia Pacific, at PSP Investments, added:
“This transaction highlights the strong investor demand for high-quality assets in strategic locations in London given the structural supply and demand imbalance, cutting through a challenging market environment. It also reenforces PSP Investments’ continuing commitment to create value investing in the office sector, supporting our mission and mandate.”
ENDS
For more information contact:
James Morgan
Aviva Investors Media Relations
james.morgan@avivainvestors.com
+44 (0)20 7809 6745
Steve Ainger
Aviva Investors Media Relations
steve.ainger@avivainvestors.com
+44 (0)20 7809 8452
Louis Bouchard
PSP Investments
media@investpsp.ca
+1 438 468 8274
About 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 £238 billion in assets under management as at 31 December 2024.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with C$264.9 billion of net assets under management as of 31 March 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
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