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Unibail-Rodamco-Westfield Forms Partnership With PSP Investments & QuadReal

Unibail-Rodamco-Westfield said that it has signed a conditional agreement with a wholly owned subsidiary of the Canadian public pension fund the "Public Sector Pension Investment Board" or PSP Investments and global real estate company QuadReal Property Group, to form the "Cherry Park Partnership".

The Partnership will deliver the development and management of a 750 million euros or 670 million pounnds 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.

Construction work is set to start in the second-quarter 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.

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