Aviva Investors and PSP Investments to improve sustainability credentials of Soho office building

April 7, 2022, London, UK – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced plans to refurbish 30 Golden Square in Soho, London W1, as part of its ongoing commitment to decarbonising existing buildings in its portfolio.

The project is being undertaken as part of Aviva’s existing partnership with the Public Sector Pension Investment Board (’PSP Investments’), one of Canada’s largest pension investment managers, which includes an investment portfolio across London and the CB1 Estate in Cambridge, a master-planned sustainable, mixed-use development spanning 26 acres in the Station Road area of the city.

It forms part of Aviva Investors’ commitment to achieving net zero across the entirety of its £47 billion Real Assets business by 2040, and follows the asset manager’s November announcement that it was undertaking an extensive refurbishment and decarbonisation programme of Curtain House, Hoxton, after acquiring the Grade II listed Victorian warehouse.

The work at 30 Golden Square, which will be led by Structure Tone, one of the UK’s leading interior and renovation construction companies, will see the property refurbished to offer 40,000 sq ft of office space, with sustainability kept top of mind throughout the process.

As part of the refurbishment, all-new mechanical, electrical and plumbing services will be installed throughout the property, allowing for the creation of a two-storey roof extension and three communal roof terrace spaces, complete with over 40 different wildflower and four grass species. The refurbishment will target a BREEAM ‘Excellent’ rating, placing it in the top 10 per cent of UK refurbishment projects with regards to its sustainability credentials. Work will also be undertaken to improve the external appearance of the building, which will be sympathetic to – and in keeping with – the historic character of Golden Square, including partial replacement of the façade in Portland stone, and a new entrance on Upper John Street, along with an enlarged reception space.

James Stevens, Head of Investment, Global Real Estate, at Aviva Investors, said:

“It is vitally important that existing buildings are refurbished and renovated in order to reduce their carbon reliance and intensity, with these assets forming a significant portion of total emissions in the UK. The work we are undertaking at 30 Golden Square will rejuvenate the asset, whilst also making it more in keeping with the transition towards a low-carbon future. We see this as a win-win situation, with occupiers benefitting from better energy efficiencies and therefore lower costs, whilst our investors gain from a reduction in the carbon footprint of their real estate portfolio.”

Stéphane Jalbert, Managing Director, Head of Asia-Pacific and Europe, Real Estate Investments, PSP Investments, said:

“As we continue to build our global sustainable portfolio, PSP Investments aims to seize investment opportunities that support the transition to a low-carbon future. Our partnership with Aviva Investors, continues our strategy of investing in dynamic markets and we are pleased to enhance the sustainability of 30 Golden Square by improving building performance and assessing alignment with relevant sector decarbonization pathways.”

ENDS

For more information contact:

James Morgan
Aviva Investors Media Relations
+44 (0)20 7809 6745

Steve Ainger
Aviva Investors Media Relations
+44 (0)20 7809 8452

ABOUT PSP Investments

PSP Investments is one of Canada’s largest pension investment managers with approximately C$204.5 billion of net assets as of March 31, 2021. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit www.investpsp.com or follow PSP Investments on Twitter and LinkedIn.

IMPORTANT INFORMATION:

The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice. 

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media. 

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 06 April 2022. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. 

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ   Authorised and regulated by the Financial Conduct Authority.

ABOUT Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £268 billion in assets under management as at 31 December 2021.

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