Shopping Centre

LandSecs loses City partner

Published:  01 February, 2007

Land Securities and Beacon Capital Partners have called a halt to their joint venture agreement on the 560,000-sq ft retail and office development at One New Change, in the City of London.

Land Securities selected the Boston-based real estate investment firm as its joint venture partner on the landmark project - which will include the City's first shopping centre - in October 2006. But in a stock exchange annuncement Land Securities said that "since then the partners have been unable to conclude an agreement regarding risk sharing."

Mike Hussey, managing director of Land Securities' London portfolio, said: "We have every confidence in the scheme, are encouraged by leasing enquiries, and are likely to undertake the development by ourselves."

Designed by Jean Nouvel, the 560,000 sq ft project will include 220,000 sq ft of retail, arranged over three levels with four 25,000 sq ft anchor stores. Above the shops will be offices topped by rooftop public space with spectacular views across St Paul's and the City.