Japan’s Mitsubishi Estate has taken a 50% stake in London office project, putting it in partnership with Legal & General Property.
L&G said it has sold a 50% stake in a £275m development in west London to Mitsubishi Estate London on behalf of its managed fund.
The 250,000sqft scheme is due for completion in 2019.
The deal is the third joint venture between L&G and Mitsubishi.
Yuichiro Shioda, managing director and chief executive of Mitsubishi Estate London, a subsidiary of Japan’s leading developer Mitsubishi Estate said the deal further cements Mitsubishi’s commitment to an “ever-expanding London and to flagship office development”.
Simon Wilkes, head of business space development at Legal & General Property, said: “We are already seeing high levels of interest from blue chip occupiers, who are particularly drawn to the design and location of the scheme, especially given the competitive nature of the rents compared to the West End.”