Land Securities teams with pension fund for Victoria scheme

By Vern Pitt2012-02-16T10:03:00+00:00

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Mixed-use scheme on Victoria circle site worth 拢1bn

Developer Land Securities has partnered with the Canada Pension Plan Investment Board to fund development of its Victoria Circle site in London into a 拢1bn mixed-use complex.

Land Securities sold the existing property on the 5.5 acre site to the new joint venture partnership for 拢163m.

The completed development opposite London Victoria station will include 910,000ft² of residential, office, and retail with a value of over 拢1bn.

Robert Noel, managing director of Land Securities鈥� London portfolio, said: 鈥淗aving signalled our intention to seek a partner on this project, we鈥檙e delighted to have teamed up with Canada Pension Plan Investment Board.

鈥淰ictoria is changing, and the transaction is a great vote of confidence in our plans for this part of the West End.鈥�

Demolition on the site is due to start later this year.

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