Aviva Investors, the global asset management business of Aviva, and Canada's Public Sector Pension Investment Board (PSP Investments), have acquired the Hoxton Campus, which consists of four offices located around Hoxton Square in the Shoreditch area of London, N1.
Financial details were not disclosed.
The four office buildings included in the transaction together represent 55,974 ft2 (5,200 m2) of lettable office space, creating a ‘campus’ of complementary assets.
Floor space ranges from 1,105 ft2 to 5,276 ft2, with two-thirds of the net internal area having been subject to complete redevelopment behind the retained facades, and the remaining accommodation significantly refurbished. Three of the acquired assets sit directly on Hoxton Square with the fourth located on Old Street.
Daniel McHugh, CIO, real essets, at Aviva Investors, said: 'Our partnership with PSP Investments continues to go from strength to strength and we are delighted to expand the relationship further into an exciting and dynamic subset of the London market.
'London continues to represent the richest market of workers employed in knowledge-intensive sectors, with the tech cluster being of significant scale and importance in the global market.'
The deal represents the fifth investment that Aviva Investors and PSP Investments have made together since 2015, originally investing in a portfolio of commercial properties in central London.
In 2019, Aviva Investors and PSP Investments announced the intention to invest up to £250 mln (€294 mln) in commercial property across the CB1 Estate of Cambridge, a master-planned sustainable, mixed-use development spanning 26 acres in the Station Road area of the city.
Last year Aviva Investors and PSP Investments extended their relationship into continental Europe by acquiring Galleri K, a mixed-use retail, leisure and office asset located in the centre of Copenhagen’s retail district.
Stéphane Jalbert, managing director, real estate investments - Europe and Asia Pacific, PSP Investments, said: 'Building on our existing partnership with Aviva Investors, PSP Investments is continuing its strategy of investing in dynamic markets while ensuring best-in-class sustainability standards.
'Hoxton is one of the most creative hubs in London, as well as an important centre of technology which we believe will outperform in the long term.'
George Fraser-Harding, fund manager at Aviva Investors, said: 'Despite the challenging environment faced over the last 12 months, we expect London to be a stand-out performer relative to other global knowledge hubs, given its talent pool, connectivity, corporate clusters and scalability.'