EDGE and Mitsui jv poised to buy £150m London Stock Exchange site
A consortium between Dutch developer EDGE and Japanese investor Mitsui Fudosan has agreed terms to buy the London Stock Exchange Group’s development site in Shoreditch.
The joint venture is expected to exchange contracts in the coming weeks on the freehold plot at 1 Earl Street, EC2, after months of fierce bidding. The duo is thought to be paying more than £150m for the site.
Plans were submitted earlier this year for a 410,000 sq ft office-led project on the site, after LSEG appointed Make Architects to design the scheme in 2019.
A consortium between Dutch developer EDGE and Japanese investor Mitsui Fudosan has agreed terms to buy the London Stock Exchange Group’s development site in Shoreditch.
The joint venture is expected to exchange contracts in the coming weeks on the freehold plot at 1 Earl Street, EC2, after months of fierce bidding. The duo is thought to be paying more than £150m for the site.
Plans were submitted earlier this year for a 410,000 sq ft office-led project on the site, after LSEG appointed Make Architects to design the scheme in 2019.
The proposed 20-storey tower on the LSE site includes office use across the upper portion of the building, with retail space on the ground. It also incorporates nearly 35,000 sq ft of urban greening, with plant-lined terraces and other green spaces around the scheme.
EDGE and Mitsui beat rivals including Tishman Speyer, Canary Wharf Group and Helical to the deal after multiple rounds of bidding pushed it beyond the asking price.
It is set to be EDGE’s second London office development, after it revealed plans for a tower at London Bridge last year. That is set to be London’s most sustainable office scheme, spanning 255,000 sq ft.
CBRE was instructed to handle the sale process last year.
To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette
See which agents are doing the most deals in London with our On-Demand Rankings >>
Image by Make Architects
