Overseas Companies Continue To Develop London Properties

The Canada Pension Plan Investment Board has announced that it intends to develop a site in the heart of London

. The Canada Pension Plan"s investment arm says that it has entered in a joint venture in order to develop a complex of five buildings at Victoria Circle in London.

Their equal partner in the joint venture is none other than Land Securities, the biggest commercial property company in the whole of the United Kingdom, who already own the Victoria Circle site situated across from Victoria Station and spans 5.5 acres of land. The company is to allow the land to be sold to the joint venture for 163 million. The demolition of the site"s existing serviced office space is expected to commence in September.

The Canada Pension Plan Investment Board"s involvement in the project, which will culminate with the creation of as much as 910,000 square feet of mixed-use residential, retail and office space, follows another major investment. Just one day earlier, the group entered another joint venture, this time with the Westfield Group, to gain an interest in ten regional shopping malls in the United States, mainly in California, as well as two redevelopment sites.

The London deal differs from other recent investments because it involves the assessment, construction and marketing of properties that will not be occupied until the year 2016, says the company"s senior vice president of real estate involvement, Graeme Eadie.

While Canada Pension Plan has big plans for the future London sky line, construction on a new commercial property for Swiss bank UBS kicked off at 5 Broadgate recently. The initiation was marked by Chancellor George Osborne along with Chad Pike, the Vice Chairman and Senior Managing Director of Europe for Blackstone, and Chris Grigg, the chief executive officer of British Land, as well as a number of senior executives from UBS.

"There have been those who tried to block the redevelopment of the Broadgate site, but this government has helped see the project through, so we can send an important message to the world "" that Britain is open for business and is unashamedly pro-enterprise," Osborne says. "This new site, in the heart of the City, signals the confidence placed in London as the world"s leading financial centre. The scheme will benefit" from the government"s Crossrail investment at Liverpool Street station." Osborne adds that the scheme will create more than 5000 new construction jobs and protect another 7000 jobs in the City.

The 12 storey commercial property, which has been designed by a leading architectural practice, will be completed in two year"s time during 2014 and offer Grade A serviced office space of as much as 700,000 square feet. The space will meet the highest standards of sustainability for energy performance, procurement of materials, responsible specification, and the provision of facilities that will support sustainable employee behaviour.

The new commercial property will also include four trading floors as serviced office space; all of which will be able to accommodate approximately 750 traders.

by: Adam Sh0re

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