Monday, May 23, 2022

New partnership to own and develop Silverstone Park

Federated Hermes, on behalf of the BT Pension Scheme (BTPS), and Canada Pension Plan Investment Board (CPP Investments) have announced a new partnership to own and develop Silverstone 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 will commit £135m 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 growth locations across the UK, where access to talent and innovation is strong, including Birmingham and Leeds city centres, Milton Park and now Silverstone Park. We believe our investment in Silverstone Park will support the scheme’s next phase of growth, further diversify our real estate portfolio and deliver attractive long-term, risk adjusted returns for CPP contributors and beneficiaries.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close