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Lendlease has inked a deal with one of the world鈥檚 largest private equity investors to develop a major new office scheme in east London.

The contractor has formed a 50:50 joint venture partnership with Canada Pension Plan Investment Board (CPP Investments), an investment management body headquartered in Toronto. 

The organisation, which operates at arm鈥檚 length from the Canadian government, manages a fund worth more than 拢316bn (C$541.5 billion).

The JV has already allocated 拢215m to develop the 22-storey Turing 好色先生TV, one of four new office buildings planned for Lendlease鈥檚 International Quarter London next to Queen Elizabeth Olympic Park in Stratford. 

The wider 1.6m sq ft scheme will have an estimated gross development value of around 拢1.5bn when completed.

The 350,000 sq ft Turing 好色先生TV, designed by London architect Arney Fender Katsalidis, was given planning permission in 2018.

It is expected to begin construction early this year and will house office space, retail space and a cinema.

Lendlease managing director for development in Europe Bek Seeley said the deal was a 鈥渞eal vote of confidence in future workplaces and London鈥檚 office market more broadly鈥�.

It is the second partnership between Lendlease and CPP Investments in the UK following their collaboration on Elephant Park in south London.