Joint venture between Land Securities and real estate investment company Beacon will develop landmark City project
Developer Land Securities has teamed up with Boston-based real estate investment firm Beacon Capital Partners on the £500m development of One New Change, London.
Land Securities and Beacon are setting up a 50:50 joint venture for the development which received planning consent earlier this year.
Designed by Jean Nouvel, the 560,000 sq ft retail and office development will occupy a high profile site to the east of St Paul's Cathedral.
Comprising 220,000 sq ft of retail arranged over three levels, and incorporating four 25,000 sq ft anchor stores, One New Change will be the City's first purpose-built shopping centre. The development will also provide 340,000 sq ft of office accommodation and will include an rooftop public space.
Richard Linnell, head of investment management - London portfolio at Land Securities, said: “We selected Beacon Capital Partners on the basis of their suitability from an initial list of 12."
"Beacon has an extensive track record in mixed-use development and understands the issues involved in delivering high profile projects. We are looking forward to working with Beacon on this prestigious scheme and are confident that they will be an excellent partner."