Canadian pension fund Omers and The Crown Estate have agreed a new £145 mln (€203 mln) joint venture to create a 14,900 m2 commercial block between St Albans Street and Haymarket in London’s St James’s.

Canadian pension fund Omers and The Crown Estate have agreed a new £145 mln (€203 mln) joint venture to create a 14,900 m2 commercial block between St Albans Street and Haymarket in London’s St James’s.

The 50:50 partnership builds on the pair's existing £320 mln St James’s Market joint venture, established in 2013 to redevelop two neighbouring blocks in between Regent Street St James’s and Haymarket. Work on the site is currently under way to deliver 24,100 m2 of retail, restaurant and office accommodation, alongside transformational public realm improvements, with completion expected in 2016.

The Crown Estate will retain the freehold and act as asset manager on behalf of the partnership on both projects.

Omers has some €25 bn of assets under management and is operating through its property arm, Oxford Properties.

The Crown Estate manages the holdings of the British monarch. It’s £500 mln investment in its St James’s portfolio, which includes around half of the property in the area, is focused on redeveloping historic blocks to create new, modern retail, leisure and office destinations in this part of the West End.