LONDON (Alliance News) - Property development and investment firm British Land Company PLC Tuesday said it has entered a joint venture with GIC - Singapore's sovereign wealth fund - for a top office complex in the City of London.
The joint venture follows GIC's recent agreement to acquire a 50% stake in Broadgate, built around Liverpool Street Station.
The stake had been previously owned by Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI.
The company is tapping into what it perceives as Broadgate's expected benefit from the opening of the new Crossrail station in 2018 and other developments in surrounding areas.
"We see a significant opportunity to move Broadgate from a more traditional City-oriented office estate into a vibrant mixed-used campus serving not just the City but also the emerging districts to the north and east of the City," Tim Roberts, head of offices at British Land, said in a statement.
British Land said the joint venture will target the "growing creative district centred around Shoreditch to the East", as well as the emerging tech-focused area around Old Street to the North.
Plans for the next stage of investment are already underway. They include a major refurbishment of 100 Liverpool Street along with a "significant expansion of the retail offer around Broadgate South". British Land said it expects the development to be completed at around the same time as the opening of the new Crossrail station in 2018.
The company said the current development at 5 Broadgate, which is pre-let entirely to UBS, will add a further 710,000 square feet office space, and the current GBP20 million redevelopment of Broadgate Circle will also improve the retail and restaurant offer on the estate.
British Land will provide asset management for the joint venture. Broadgate Estates, a wholly owned subsidiary of British Land, will also continue to provide day to day property management and occupier services.
By Samuel Agini; firstname.lastname@example.org; @samuelagini
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