Partnership to invest £250m in Cambridge

Plans have been unveiled for the investment of up to £250m in commercial property in Cambridge.Aviva Investors, the global asset management business of Aviva, and Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, said they viewed Cambridge as one of the UK’s most durable and attractive real estate locations due to its position as a world-class knowledge centre in technology, artificial intelligence, biotech and life sciences.The new investment will acquire a mix of ground up and standing assets located in the CB1 estate in Cambridge, a master-planned development covering 26 acres.Assets include 50/60 Station Road, a 167,000 sq ft grade-A development completed in April 2019, fully let to technology and professional services businesses, and 30 Station Road, a 81,500 sq ft scheme that is pre let to a global technology company.Construction of 30 Station Road commenced in September 2019, with completion scheduled for the third quarter of 2021.Aviva Investors will act as development manager and asset management partner, working alongside Brookgate as the developer.In 2015 the pair invested in a portfolio of commercial properties in central London, currently worth more than £400m.