Unibail-Rodamco-Westfield forms partnership with PSP Investments and QuadReal for a €750 Mn (£670 Mn) Private Rented Sector scheme in London

Paris, Amsterdam, March 18, 2019

Press release

Unibail-Rodamco-Westfield forms partnership with PSP Investments and QuadReal for a €750 Mn (£670 Mn) Private Rented Sector scheme in London

Unibail-Rodamco-Westfield announces today that it has signed a conditional agreement with a wholly owned subsidiary of the Canadian public pension fund the "Public Sector Pension Investment Board" (PSP Investments) and global real estate company QuadReal Property Group (QuadReal), to form the "Cherry Park Partnership". The Partnership will deliver the development and management of a €750 Mn (£670 Mn) Private Rented Sector (PRS) residential scheme, adjacent to Westfield Stratford City in London. It will be one of London's largest single-site PRS schemes.

PSP Investments and QuadReal will each take a 37.5% share in the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.

Olivier Bossard, Group Chief Development Officer, Unibail-Rodamco-Westfield, said: "This new residential quarter in the heart of Stratford City is an example of the Group's strategy to significantly increase the densification of exceptional and highly connected retail destinations by adding offices, residential, hotels and other uses, where relevant. With the Cherry Park Partnership, we are leveraging our unique know-how and joining with strategic capital partners to reinvent city districts."

Stéphane Jalbert, Managing Director Europe and Asia Pacific, Real Estate, PSP Investments, added: "London's residential sector is chronically undersupplied and Cherry Park supports PSP's broader long-term sectorial strategy to develop professionally managed residential assets alongside best-in-class investment partners. Once completed, this will be one of central London's largest residential rental schemes and will offer future residents an incredible level of connectivity in an exciting and unique mixed-use location."

Jay Kwan, Head of Europe, International Real Estate, QuadReal, said: "This Partnership fits squarely into our investment strategy to densify successful retail destinations alongside world-class development and operating partners. We are excited to launch this new relationship with Unibail-Rodamco-Westfield whilst extending our long-standing and successful relationship with PSP."

Construction work is set to start in Q2 2019, with a phased completion and a delivery expected post 2023. The Cherry Park Development will feature approximately 1,200 new homes benefitting from a suite of amenities including a residents' gym, swimming pool, workspace and high-quality public areas.