Land Securities confirmed that an affiliate of Boston-based real estate investment firm, Beacon Capital Partners LLC, is to be its joint venture partner on the development of One New Change, London EC4. Beacon Capital Partners is entering into a 50:50 joint venture with Land Securities for the €741 million project, which was granted detailed planning consent from the City Corporation of London earlier this year.
Designed by Jean Nouvel, the 52,024 m² landmark retail and office development will occupy a high profile site to the east of St Paul's Cathedral, and is expected to become a major visitor attraction and shopping destination for the City of London.
Comprising 20,440 m² of retail arranged over three levels, and incorporating four 2,320 m² anchor stores, One New Change will be the City's first purpose-built shopping centre. The development will also provide 31,590 m² of premier office accommodation and will include an extensive rooftop public space with spectacular views across St Paul's and the wider city.
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."
Paul Parkinson, Senior Managing Director of Beacon Capital Partners, said: "We are delighted to be working with Land Securities, one of the premier developers in Central London and a business that shares the common aim of excellence in high quality and innovative design delivered with financial acumen. One New Change will be the first significant London development property within our new Fund, Beacon Capital Strategic Partners IV. The project fits with our 'value-added' investment strategy which focuses on our European target markets in London and Paris."
Source: Land Securities