The Crown Estate and Oxford Properties agree second joint venture worth 拢145m

uk_construction_5

The Crown Estate and Oxford Properties are entering into a second 拢145m joint venture to build a commercial block in London.

The new 50:50 partnership will see a 160,000 sq ft building erected between St Albans Street and Haymarket in the St James area where The Crown Estate has substantial holdings.

Paul Clark, director of investment and asset management at The Crown Estate, said: 鈥淭his transaction emphasises our commitment to developing the relationships we鈥檝e established with a small number of strategic investment partners, like Oxford Properties, which share our values and long term outlook.鈥�

The Crown Estate will retain the freehold and act as asset manager on this development as it has in its existing 拢320m joint venture with Oxford Properties.

Paul Brundage, executive vice president and senior managing director for Oxford Properties Europe, commented: 鈥淪t James鈥檚 is an area of London we are very excited about and the creation of a second joint venture with a like-minded strategic partner further provides us with the opportunity to realise our European strategy.鈥�

The Crown Estate is currently engaged on a 拢500m redevelopment program in London鈥檚 St James.

Topics