Cadillac Fairview, the property arm of the Ontario Teachers' Pension Plan, has acquired a 25% stake in Stanhope PLC.

The two companies have been successful partners already collaborating on three life sciences projects: Oxford North, Cambridge Science Park, and White City Place.

Earlier this year, a joint venture between Cadillac Fairview and Stanhope bought 70 Gracechurch Street with planning permission for a 34-storey tower and 600,000 sq ft development.

Cadillac Fairview, Mitsui Fudosan and AIMCo as shareholders now own 80% of the company. David Camp, who will continue to be the CEO, and others in the management team have a 20% shareholding.

Jenny Hammarlund, Head of Europe and Managing Director at Cadillac Fairview commented: “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 added: “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.”