Job was built by Sir Robert McAlpine and is new HQ for Deutsche Bank

Lendlease has sold a 20% stake in the 21 Moorfields development in the City of London to two Japanese investors.

Lendlease bought the scheme, completed by Sir Robert McAlpine, from Landsec in September 2022.

The job above Moorgate tube station was finished late is believed to be one of the four problem contracts that sent McAlpine to a £105m pre-tax loss in the year to October 2023.

21 moorfields

The 21 Moorfields scheme was designed by Wilkinson Eyre

Lendlease said that it had sold most of its share in the Lendlease Moorfields Investment Partnership to Sotetsu Urban Creates and Yasuda Real Estate. It is the first time the pair have entered the UK market.

Lendlease is keeping a 5% share in the investment partnership and will continue as the investment and asset manager.

Lendlease, which is pulling out of UK contracting with the sale of its construction arm to US private equity firm Atlas Holdings and scaling back its development business in the UK, added: “The transaction is in line with Lendlease’s strategy to recycle and redeploy investment capital to fund future growth.”

Hiroyuki Mori, executive vice president and representative director for Yasuda Real Estate, said: “This marks a significant step for Yasuda as we enter the UK market. The combination of resilient returns, strategic location and trusted partners makes this an excellent long-term investment aligned with our global strategy.”

The deal has been backed by the government which is pinning its hopes on an economic recovery by attracting overseas investment and a building boom.

Minister for investment Baroness Gustafsson said: “Major investment in our real estate market like this is central to getting Britain building again.”

Designed by Wilkinson Eyre, the 21 Moorfields scheme is the new home of Deutsche Bank with 5,000 employees working out of it.

The fit out was being carried out by ISG but Mace took it over when ISG went into administration last September.

Deutsche Bank’s previous headquarters at 75 London Wall will be revamped by Multiplex. Erith is on site carrying out main demolition work as well as structural strengthening, new foundations and core extensions.

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