M&G Real Estate has agreed a joint venture with Nomura Real Estate Development on a £200 mln (€233 mln) prime central London office scheme.
The Fitzrovia, a mixed-use development in Tottenham Court Road, will offer 7,990 m2 of offices, shops, and apartments.
Targeting top ratings like NABERS 5 Stars, BREEAM Outstanding, and Platinum WELL, The Fitzrovia prioritizes both environmental impact and occupant well-being.
To minimize emissions, prefabricated components with a lower carbon footprint will be used, saving 267,000 kilograms of carbon and 25,000 kilograms of CO2 during construction.
An offsite construction approach further reduces on-site emissions, showcasing The Fitzrovia's commitment to sustainable practices.
Peter Riley, head of capital solutions & UK commercial at M&G Real Estate, said: ‘This joint venture is a clear sign that the central London office market is here to stay. Crossrail has made central London more accessible than ever spurring much-needed, transformational investment into the area, benefitting The Fitzrovia. We look forward to a long and mutually beneficial partnership with NRED and targeting further selective opportunities to invest alongside leading real estate investors across the globe, to improve the built environment and deliver world-class real estate investment propositions of scale.’
The all-electric scheme will see solar panels incorporated as part of a green roof terrace to encourage biodiversity. Occupiers will benefit from light-filled, flexible workspace in addition to facilities such as outdoor terracing, a café, bike storage, changing, and shower facilities.
This venture underlines M&G's commitment to London's revitalized West End, fueled by the Elizabeth Line (Crossrail). Upon completion in Q3 2024, M&G will continue managing this premium asset.
The deal also signals a growing international appetite to invest in the future of central London's Grade A office market.
