CDC Investissement Immobilier (CDC II), the real estate subsidiary of France’s Caisse des Dépôts, has entered a joint venture with Royal London Asset Management (RLAM) to co-own a London office building.

RLAM bought 1 St John’s Lane last year and will continue to manage the 89,000sqft asset on behalf of the joint venture.

The property, close to Farringdon station and Smithfield Market, is fully let to the charity Save the Children for seven years, subject to annual RPI indexation.

Mark Evans, head of property and commercial development at RLAM, said the deal could be the first of a number of collaborations with CDC.

“We are delighted to have commenced a joint venture with CDC, who like RLAM, is seeking to invest further capital into the London market,” he said.

“This joint venture establishes a wider strategic relationship for RLAM, and we look forward to expanding this with further acquisitions in the future.”

Arnaud Taverne, CEO of CDC II, said: “This investment reflects our strong appetite for the London market, where we are looking to build a long-term portfolio.”

Lucas Mignot, head of international investments at CDC II, said: “We are pleased to finally expand our portfolio in London, a key market in our recent international strategy, through a joint venture with such a like-minded investor as Royal London.

“This office deal is representative of our real estate long-term strategy: on a major transport hub, in a mixed-use central location and a human-scale building with strong fundamentals.”