Business
Formation of Joint Venture
Formation of Joint Venture.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 6060U Land Securities Group Plc 19 October 2010 \n \n\n \nLand Securities Group PLC (\"Land Securities\") and Canary Wharf Group plc (\"Canary Wharf Group\")\nLAND SECURITIES AND CANARY WHARF GROUP FORM A JOINT VENTURE\nTO DEVELOP 20 FENCHURCH STREET, LONDON EC3\nLand Securities and Canary Wharf Group today announce that they have formed the 20 Fenchurch Street Limited Partnership (\"the Partnership\"), a 50:50 joint venture partnership to develop 20 Fenchurch Street, EC3.\nThe existing property, currently a cleared site with some ancillary retail neighbouring holdings, has been sold by Land Securities to the Partnership at a price of £90.2 million, in line with the March 2010 valuation.\nPlanning consent for the proposed 37 storey building was granted in October 2009. It will provide approximately 690,000 sq ft of world class space in floor plate sizes of 14,000 sq ft to 28,000 sq ft with a skygarden on the top three floors.\nThe Partnership will construct the project under a staged programme at an anticipated total development cost of £500m. To enable a condensed programme, construction of the substructure of the building and detailed design of the superstructure will start immediately. Completion to the ground floor level is planned for February 2012. Construction of the superstructure will follow, with completion of the project anticipated in the second quarter of 2014. \nLand Securities and Canary Wharf Group have been appointed as joint Development Managers and both are responsible for the leasing, with Land Securities taking the lead. Canary Wharf Contractors Limited, a wholly owned subsidiary of Canary Wharf Group, has been appointed as Construction Manager. \nRobert Noel, Managing Director of Land Securities' London Portfolio, said: \"Earlier this year we announced our intention to carry out this project in joint venture and we are delighted to have teamed up with Canary Wharf Group to do so. The joint venture brings together two substantial companies with complementary skills in the conception and delivery of large schemes in London. The transaction allows us to take forward other projects within our substantial development pipeline in London so that we offer a range of building types and sizes in a range of locations across the capital.\"\n\nGeorge I...