Aviva Investors and the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers, have announced the joint funding of a brand new office building at 20 Station Road, Cambridge. The scheme comprises 65,000ft² and has been fully pre-let, to a premium flexible workspace provider.
The building, which is being developed by Brookgate, will offer six storeys of high-specification office space, including open desks, private offices, meeting rooms, wellness areas, event space and roof terraces. It has been designed by award-winning architecture and design firm tp bennett, with construction expected to be completed in 2023.
20 Station Road adds to the existing portfolio of ground-up and standing assets that Aviva Investors and PSP Investments have acquired in Cambridge, with both firms viewing the city as a particularly attractive market for gaining exposure to high-quality UK real estate that caters to businesses, communities and individuals.
Daniel McHugh, Managing Director, Real Estate at Aviva Investors, said: “We are very pleased to grow our partnership with PSP Investments, in a city which we believe represents one of the most attractive real estate opportunities in the UK. We believe that adding 20 Station Road to our existing portfolio provides us with a high-quality asset that sits well within our strategic focus on core locations, and which can offer long-term growth and performance potential for investors.”
Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: “The continuation of our partnership with Aviva Investors in Cambridge reflects our confidence in the city’s long-term performance potential as a centre of innovation. Cambridge’s world-leading education and research institutions act as a hub and anchor for the artificial intelligence and life science disciplines, making the region a key knowledge cluster driving future performance”
Melanie Collett, Head of Real Estate Asset Management at Aviva Investors, said: “With the nature of the office market changing, we are seeing a flight to quality assets in areas rich with knowledge capital. Demand for office space remains elevated in locations such as Cambridge given its strong location. Not only is the city a significant knowledge hub and a leading centre of research in technology, biotechnology and life sciences, but its world-leading universities means it can offer a wealth of future talent to those industries. We see these as being critical characteristics in determining successful cities of the future.”