Lendlease and Canada Pension Plan Investment Board to Develop Office in International Quarter London
Posted on 12/21/2021
Australia-based Lendlease and Canada Pension Plan Investment Board (CPP Investments) have expressed a vote of confidence in the London office market through the establishment of a new 50:50 joint venture partnership dedicated to the development of a new office-led neighborhood at International Quarter London (IQL). IQL is located at the gateway of the Queen Elizabeth Olympic Park. The partnership has initially committed to developing the Turing Building, allocating approximately £215 million from the joint venture. The Turing Building is one of four major new office buildings planned for IQL, together they are expected to provide a total development area of 1.6m square feet when fully developed, with an estimated gross development value of approximately £1.5 billion.
This partnership further builds upon Lendlease and CPP Investments’ existing joint ventures, which include established projects at Elephant Park in London, U.K., Barangaroo in Sydney, Australia, and the Milano Innovation District, Italy.
Construction on the Turing Building, which has been designed by architects Arney Fender Katsalidis, is expected to begin in early 2022. Once complete, it will provide 350,000 square feet of flexible Grade A workspace, retail space, and a cinema.
Keywords: Lend Lease.
