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Canada Pension Plan to build in busy London centre

In a busy week for the Canada Pension Plan Investment Board that already included a major investment in California shopping malls, it revealed plans Wednesday to develop a site in the centre of busy London, England.

The investment arm of the Canada Pension Plan said it has entered into a joint venture to develop a five-building complex at Victoria Circle in London.

Its equal partner in the venture is Land Securities Group PLC, the United Kingdom's largest commercial property company, which already owns the 5.5-acre Victoria Circle site, across from Victoria Station.

Land Securities will sell the land to the joint venture for $254.3 million and demolition of existing properties on the site is planned to begin in September.

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