Lendlease and CPPIB team up for £1.6bn Stratford JV
Lendlease and Canada Pension Plan Investment Board have launched a 50:50 joint venture partnership to develop a new office-led neighbourhood at International Quarter London in Stratford, east London.
The partnership further builds on Lendlease and CPPIB’s existing joint ventures, which include Elephant Park in Elephant & Castle, SE1, Barangaroo in Sydney, Australia, and the Milano Innovation District in Italy.
The partnership has initially committed to developing the Turing Building, allocating approximately £215m. The Turing Building is one of four major new office buildings planned for IQL, which together will provide 1.6m sq ft and have a gross development value of £1.5bn.
Lendlease and Canada Pension Plan Investment Board have launched a 50:50 joint venture partnership to develop a new office-led neighbourhood at International Quarter London in Stratford, east London.
The partnership further builds on Lendlease and CPPIB’s existing joint ventures, which include Elephant Park in Elephant & Castle, SE1, Barangaroo in Sydney, Australia, and the Milano Innovation District in Italy.
The partnership has initially committed to developing the Turing Building, allocating approximately £215m. The Turing Building is one of four major new office buildings planned for IQL, which together will provide 1.6m sq ft and have a gross development value of £1.5bn.
Construction on the Turing Building, which has been designed by Arney Fender Katsalidis, is expected to begin in early 2022. Once complete, it will provide 350,000 sq ft of flexible grade-A workspace, retail space and a boutique cinema.
Bek Seeley, managing director of development, Europe, at Lendlease, said: “Following a challenging year, with Covid-19 bringing uncertainty to economies across the globe, this deal is a real vote of confidence in future workplaces and London’s office market more broadly. The Turing Building will bring market-leading, flexible workspace to Stratford, sitting alongside cultural heavyweights East Bank, UCL and Here East.
“Sustainability and innovation are at the core of everything we do, and we will be working closely with CPP Investments, and other partners, to develop spaces at IQL where businesses can collaborate, create and grow, surrounded by 560 acres of parkland and waterways.”
Tom Jackson, managing director and head of UK real estate at CPPIB, added: “IQL is an excellent opportunity to further our existing global relationship with Lendlease. This relationship extends to several joint ventures globally and we are delighted to undertake our second partnership here in the UK, bringing further investment and development activity to London.”
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
Image courtesy of Lendlease
