Land Secs says deal will allow it to bring forward other London developments in project pipeline

Work on the Walkie Talkie tower is to start immediately following the announcement of a 50:50 joint venture between Land Securities and Canary Wharf.

As part of the deal the 37-storey building has been sold by Land Securities to the 20 Fenchurch Street Limited Partnership for £90.2m..

The controversial City tower designed by Rafael Viñoly is scheduled to be completed in the second quarter of 2014.

Land Securities said the deal would allow them to take forward other London projects in its development pipeline.

Robert Noel, managing director of Land Securities’ London Portfolio, said: “The joint venture brings together two substantial companies with complementary skills in the conception and delivery of large schemes in London. “

George Iacobescu, chief executive officer of Canary Wharf Group, said: “This joint venture project will provide further evidence of our approach to the development and construction of very high quality buildings in London. “

Canary Wharf contractors have been appointed construction managers, while Land Securites will lead the leasing of the property.