Partners Group has entered into a £200m London office development project.
The investment manager said it is funding the scheme at 80 Fenchurch Street. Project costs are expected to reach £200m, with demolition and a complete rebuild scheduled by developer Marick Real Estate.
The 245,000 sqft scheme is due for completion in early 2018.
Stuart Keith, vice president of private real estate at Partners Group, said the recent rebound in the UK economy had created a “significant supply-demand imbalance in the City of London in terms of grade-A office space”, with vacancy levels “close to historic lows and rents steadily climbing”.
He said 80 Fenchurch “will be perfectly placed in terms of location, timing and quality of build to capitalise on this attractive market opportunity”.
Earlier this year, Partners Group bought two central Milan office properties for clients, paying €233m for the assets in Via Monte Rosa and Viale Sarca.
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