Paris, Amsterdam, Mar 18, 2019 - (ACN Newswire) -
Unibail-Rodamco-Westfield announces today that it has signed a
conditional agreement with a wholly owned subsidiary of the
Canadian public pension fund the "Public Sector Pension Investment
Board" (PSP Investments) and global real estate company QuadReal
Property Group (QuadReal), to form the "Cherry Park Partnership".
The Partnership will deliver the development and management of a
EUR750 Mn (GBP670 Mn) Private Rented Sector (PRS) residential
scheme, adjacent to Westfield Stratford City in London. It will be
one of London's largest single-site PRS schemes.
PSP Investments and QuadReal will each take a 37.5% share in the
Cherry Park Partnership, while Unibail-Rodamco-Westfield will
retain a 25% share and be appointed as the development and asset
manager.
Olivier Bossard, Group Chief Development Officer,
Unibail-Rodamco-Westfield, said: "This new residential quarter in
the heart of Stratford City is an example of the Group's strategy
to significantly increase the densification of exceptional and
highly connected retail destinations by adding offices,
residential, hotels and other uses, where relevant. With the Cherry
Park Partnership, we are leveraging our unique know-how and joining
with strategic capital partners to reinvent city districts."
Stephane Jalbert, Managing Director Europe and Asia Pacific, Real
Estate, PSP Investments, added: "London's residential sector is
chronically undersupplied and Cherry Park supports PSP's broader
long-term sectorial strategy to develop professionally managed
residential assets alongside best-in-class investment partners.
Once completed, this will be one of central London's largest
residential rental schemes and will offer future residents an
incredible level of connectivity in an exciting and unique
mixed-use location."
Jay Kwan, Head of Europe, International Real Estate, QuadReal,
said: "This Partnership fits squarely into our investment strategy
to densify successful retail destinations alongside world-class
development and operating partners. We are excited to launch this
new relationship with Unibail-Rodamco-Westfield whilst extending
our long-standing and successful relationship with PSP."
Construction work is set to start in Q2 2019, with a phased
completion and a delivery expected post 2023. The Cherry Park
Development will feature approximately 1,200 new homes benefitting
from a suite of amenities including a residents' gym, swimming
pool, workspace and high-quality public areas.
Completion of the formation of the Cherry Park Partnership is
subject to customary conditions precedent.
For further information, please contact:
Investor Relations
Samuel Warwood
Maarten Otte
+33 1 76 77 58 02
Maarten.Otte@urw.com
Media Relations
Tiphaine Bannelier-Suderie
+33 1 76 77 57 94
Tiphaine.Bannelier-Suderie@urw.com
Verena Garofalo, PSP Investments
Canada: 514-218-3795
Toll-free: 1-844-525-3795
media@investpsp.ca
Susan L MacLaurin, QuadReal Property Group
T 604-975-9563
M 604-317-4718
susan.maclaurin@quadreal.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global developer and
operator of flagship shopping destinations, with a portfolio valued
at EUR65.2 Bn as at December 31, 2018, of which 87% in retail, 6%
in offices, 5% in convention & exhibition venues and 2% in
services. Currently, the Group owns and operates 92 shopping
centres, including 55 flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on 2 continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events, and offers an exceptional and constantly renewed
experience for customers.
With the support of its 3,700 professionals and an unparalleled
track-record and know-how, Unibail-Rodamco-Westfield is ideally
positioned to generate superior value and develop world-class
projects. The Group has a development pipeline of EUR11.9 Bn.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places
2030 agenda, that sets its ambition to create better places that
respect the highest environmental standards and contribute to
better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext
Amsterdam and Euronext Paris (Euronext ticker: URW), with a
secondary listing in Australia through Chess Depositary Interests.
The Group benefits from an A rating from Standard & Poor's and
from an A2 rating from Moody's.
For more information, please visit www.urw.com
Visit our Media Library at https://mediacentre.urw.com
Follow the Group updates on Twitter @urw_group, Linkedin
@Unibail-Rodamco-Westfield and Instagram @urw_group
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one
of Canada's largest pension investment managers with C$158.9
billion of net assets as of September 30, 2018. It manages a
diversified global portfolio composed of investments in public
financial markets, private equity, real estate, infrastructure,
natural resources and private debt. Established in 1999, PSP
Investments manages net contributions to the pension funds 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 Montreal and
offices in New York and London. For more information, visit
investpsp.com or follow us on Twitter and LinkedIn.
About QuadReal
Headquartered in Vancouver, Canada, QuadReal Property Group is a
global real estate investment, operating and development company.
The company's C$27.4 billion portfolio spans 23 Global Cities
across 17 countries. QuadReal was established to manage the real
estate program of British Columbia Investment Management
Corporation (BCI), one of Canada's largest asset managers with a
C$145.6 billion portfolio. QuadReal aims to deliver prudent growth
and strong investment returns, and to create and sustain
environments that bring value to the people and communities it
serves. Now and for generations to come.
For more information, please visit www.quadreal.com.
Source: UNIBAIL-RODAMCO SE
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