Cadillac Fairview and Stanhope already have joint ventures to deliver life sciences and workspace projects in the UK.
The partners are working together on three life sciences projects – Oxford North, Cambridge Science Park and White City Place.
In April this year, a joint venture between Cadillac Fairview and Stanhope bought 70 Gracechurch Street, a prime office building situated in the City of London, which has planning consent for a 34-storey tower and 600,000 sq ft development.
Cadillac Fairview joins Mitsui Fudosan and AIMCo as shareholders in Stanhope who between them now own 80% of the company, leaving David Camp and others in the management team with a 20% shareholding.
UK developer Stanhope will continue to be management run providing development management services to a wide range of key clients and David Camp will remain as Chief Executive.
Jenny Hammarlund, Head of Europe and Managing Director at Cadillac Fairview said: “Cadillac Fairview is delighted to acquire a 25% stake in our long-term existing partner Stanhope alongside Mitsui Fudosan and AIMCo. As we continue to grow our investment portfolio across the UK and Europe, it makes sense to invest both with and in partners like Stanhope who share our desire to deliver life sciences projects and develop innovation clusters, sustainable communities and workspaces across the UK.”
David Camp, Chief Executive of Stanhope said: “This investment in Stanhope by Cadillac Fairview cements an already strong and growing partnership in developing a strategic life sciences portfolio and assets. We already have joint ventures together in life sciences and a high-quality workspace.
Cadillac Fairview join our existing shareholders and partners, Mitsui Fudosan and AIMCo, and together with our first class team and strength in depth we make a formidable team.”