British Land and AustralianSuper form JV for London regeneration project

/ EdgeProp Singapore |
Artist's impression of the Canada Water Masterplan development (Source: British Land)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - UK property company British Land has sold a 50% stake in the Canada Water Masterplan, its 53-acre regeneration project in Canada Water, London, to Australian superannuation fund AustralianSuper for GBP290 million ($519 million).
Following completion of the sale, British Land and AustralianSuper have formed a 50:50 joint venture for the development of the project. The transaction values British Land’s interest prior to the sale at GBP580 million.
British Land will also earn fees from the joint venture as the development and asset manager for the Masterplan and will be entitled to an enhanced return if the joint venture meets certain returns targets.
Simon Carter, CEO of British Land, says the new partnership with AustralianSuper will accelerate the delivery of the Canada Water Masterplan. “We are delighted to be working with AustralianSuper on this exciting development to deliver a new urban centre for London at Canada Water,” he remarks in a March 8 press statement.
Located in the south-east of London, Canada Water is one of the largest mixed use regeneration projects in the city. It is expected to deliver between 2,000 and 4,000 new homes, alongside a mix of commercial, retail and community space.
Located in Zone 2 on the Jubilee Line and London Overground, Canada Water is easily accessible from London Bridge, the West End, Canary Wharf and Shoreditch.
Phase 1 of the Masterplan is expected to complete in 3Q2024. British Land and AustralianSuper have committed GBP201 million of initial funding to the joint venture for the purposes of developing Phase 1 and to progressing subsequent phases of the development.
Paul Clark, senior investment director property UK at AustralianSuper says: “Our investment in Canada Water will contribute to the retirement savings of our 2.6 million members, whilst also being part of a once-in-a-lifetime regeneration project that will provide benefits to residents, businesses and the community for generations to come.”

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.

View More