Canada Pension Plan Investment Board (“CPPIB”) announced that it reached a definitive agreement to sell its 50 percent joint venture stakes in the Bullring and Grand Central Shopping Centres in Birmingham, United Kingdom to its long-standing joint venture partner, Hammerson Plc (“Hammerson”) for £319 million.

The Bullring represented the majority of the transaction and was sold at book value, with a net initial yield of 6.4 percent and a topped-up yield of 7.1 percent. CPP Investments originally invested in a 16.7 percent interest in the Bullring in 2013 and, subsequently, increased its holding to 50 percent in 2022. The investment in Grand Central was made in 2016.

The transaction is expected to close in August 2025. CPP Investments expects to receive approximately $615 million in net proceeds from the sale.