Japanese real estate developer Mitsui Fudosan has confirmed it will be investing in the £1bn (€1.2bn) redevelopment of the British Library extension, a major mixed-use project in the UK.
The London project in King’s Cross St Pancras will feature Mitsui Fudosan’s first UK life sciences-focused lab and office development, as part of its development agreement with the British Library.
Takeshi Iwama, chief executive of Mitsui Fudosan UK, said: “We are confident that the new commercial space at the heart of the King’s Cross Knowledge Quarter – designed by leading international architectural practice RSHP and engineers Arup – will encourage some of the world’s most ambitious and successful life sciences companies to invest in the UK by the early 2030s.”
Rebecca Lawrence, chief executive of the British Library, said: “The plans will open up the library even further, creating an expanded national library with state-of-the-art new spaces, harnessing the power of collaboration to build a new public realm linking communities and the Knowledge Quarter and deliver significant investment in the UK.”
David Camp, CEO of Stanhope, development manager for the project, said: “Mitsui Fudosan’s decision to fund the British Library extension is both a major milestone for the project and a strong endorsement of the London property market.
“The 600,000sqft of commercial space will be flexible enough to suit a broad range of occupiers who will want to be located at the British Library, adjacent to King’s Cross St Pancras and The Francis Crick Institute and at the heart of the Knowledge Quarter.”
Work will start next week on the project and is due for completion in 2032.
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