Canadians join British Land to build the 'Cheese Grater'
Saturday 23 October 2010
British Land is to team up with a Canadian fund manager to develop a Lord Richard Rogers-designed skyscraper in London's Square Mile.
The UK's second-largest property company is in advanced negotiations with Oxford Properties jointly to develop its tower at 122 Leadenhall Street – dubbed the "Cheese Grater".
Oxford Properties is the real-estate arm of Ontario Municipal Employees Retirement System (Omers) pension fund, one of Canada's largest pension plans. It provides pension services to more than 400,000 active and retired members and has more than C$48bn (£29.8bn) of assets under management.
It is thought British Land, headed by former Barclays banker Chris Grigg, could make an announcement as early as next week confirming the deal.
The 225m Cheese Grater, so called because of its wedge-shape design, will provide 610,000 square feet of office space, and its estimated build costs are more than £250m. News of another potential development-funding arrangement follows the news earlier this week that Land Securities had finalised a £500m deal to develop its "Walkie-Talkie" tower at 20 Fenchurch Street in a consortium with Canary Wharf Group, the Chengdong Investment Corporation, Morgan Stanley Real Estate, and Qatar Holdings.
If an agreement is finalised between Oxford Properties and British Land, which is advised by DTZ, it will further cement the growing Canadian interest in London's property market. Investment funds such as the Canada Pension Plan and the Healthcare of Ontario Pension Plan are investing in London property.
Omers already has £2.5bn of investments in the UK property andinfrastructure markets and holds stakes in Associated British Ports and Scotia Gas Networks. It plans to invest more than £2bn in property and infrastructure assets in the UK and continental Europe by 2012.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...