Following previous speculation, Land Securities and the Canada Pension Plan Investment Board (CPPIB) have announced the formation of a partnership which will see the latter gain a 50 per cent share of the Victoria Circle.
A total of five buildings have been proposed for the development, with the first two phases of development set to be delivered in 2016 and 2018 respectively.
Once finished, Victoria Circle is set to provide 910,000 sq ft of retail, public and residential amenities, as well as London office space.
Managing director of Land Securities’ London portfolio, Robert Noel, commented on the formation of the partnership.
He said: “Having signalled our intention to seek a partner on this project, we’re delighted to have teamed up with CPPIB. Victoria is changing, and the transaction is a great vote of confidence in our plans for this part of the West End.”
Senior vice president of real estate investments at CPPIB, Graeme Eadie, Â also spoke positively about the move.
He stated: “We are excited to be an investor in this transformative development project in a prime area of London’s West End. The Victoria Circle project supports CPPIB’s real estate strategy to own and develop properties in key markets for the long-term.
“We look forward to working with Land Securities, a best-in-class partner with deep knowledge of the UK real estate market,” Mr Eadie concluded.
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