Suntec REIT to acquire a 50% stake in Nova Victoria from CPPIB for $574m.

Suntec REIT, a Singapore-based company, which is engaged in investing in income producing real estate and real estate related assets, agreed to acquire a 50% stake in Nova Victoria, a five building mixed-use development adjacent to Victoria mainline and underground stations, from Canada Pension Plan Investment Board, a global investment management organization, for $574m. “The sale of Nova Phase One is the culmination of a long-term and highly successful joint venture development project with Landsec, who remain a valued and trusted partner of CPP Investments. The project has been a huge success, as a large and high-quality mixed-use development scheme that has significantly revitalised the area around Victoria station. It represents one of the most successful developments in London in recent times and has delivered solid returns for the more than 20 million contributors and beneficiaries of the Fund," Tom Jackson, CPP Investments Managing Director and Head of UK Real Estate.