INDUSTRY NEWS

Land Securities in talks with CPPIB for joint London office venture

Commercial property company Land Securities is said to be in talks with the Canada Pension Plan Investment Board (CPPIB) about a joint venture which could provide new London offices at its Victoria Circle project.

It is thought that the CPPIB could invest around £150 million to buy into the development; according to CoStar News, the CPPIB has been chosen over various other interested parties from North America.

Current proposals for the Victoria Circle development feature 200,000 sq ft of office space, as well as space dedicated to retail facilities and residential units.

Victoria Circle is currently occupied by a number of high-profile tenants, including the Government, The Grosvenor Hotel and Sainsbury’s.

Speaking about Land Securities’ plans for Victoria Circle, managing director of the London portfolio, Rob Noel, told CoStar News: “We have finalised the planning consent for the demolition of the one listed building that sits in the middle of the site, so we are now good to go.”

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