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It was the Canadian pension fund, the Alberta Investment Management Corporation (AIMCO) that purchased the Spires from the William Pears property group for £40 million. The explanation about Spires Barnet UK Sarl is that this is presumably the company established to hold this investment for AIMCO – and I would presume the answer for this lies in a somewhat complicated, but presumably, advantageous tax arrangement that will benefit the 27 pension funds represented by AIMCO.