Transaction|February 15, 2012
CPP Investment Board to develop London's Victoria Circle
Torys acted as counsel to Canada Pension Plan Investment Board providing Canadian regulatory advice, with a team that included Jared Fontaine, Scott Bell and John Cameron.
On February 15, 2012, Canada Pension Plan Investment Board (CPPIB) and Land Securities Group PLC (Land Securities) announced that they have formed the Victoria Circle Limited Partnership, a 50/50 joint venture to own and develop Victoria Circle, London SW1.
The proposed Victoria Circle development will comprise five new buildings occupying the island site opposite Victoria Station bounded by Bressenden Place, Victoria Street and Buckingham Palace Road, SW1. The earliest the first phase and the final two phases will be delivered are 2016 and 2018 respectively. When complete, it will provide a 910,000 sq ft mix of residential, offices, retail, and public amenities with an estimated value in excess of £1 billion.
Victoria Circle will be the culmination of Land Securities' transformational development programme in Victoria. Masterplanned by award winning architects PLP Architecture, Benson & Forsyth, BFLS, and Lynch Architects, the 910,000 sq ft proposed development of five buildings will deliver 170 private and 35 affordable apartments, and 694,000 sq ft of contemporary office space, restaurants and new retail units to the area. The proposed scheme will also greatly improve the local environment, bringing new facilities, open spaces, exciting artwork and, in conjunction with Transport for London, improvements to Victoria underground station as part of the Victoria Station Upgrade.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries.
Land Securities is the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of property, from shopping centres to offices.
Further information can be found on CPPIB's website.
The proposed Victoria Circle development will comprise five new buildings occupying the island site opposite Victoria Station bounded by Bressenden Place, Victoria Street and Buckingham Palace Road, SW1. The earliest the first phase and the final two phases will be delivered are 2016 and 2018 respectively. When complete, it will provide a 910,000 sq ft mix of residential, offices, retail, and public amenities with an estimated value in excess of £1 billion.
Victoria Circle will be the culmination of Land Securities' transformational development programme in Victoria. Masterplanned by award winning architects PLP Architecture, Benson & Forsyth, BFLS, and Lynch Architects, the 910,000 sq ft proposed development of five buildings will deliver 170 private and 35 affordable apartments, and 694,000 sq ft of contemporary office space, restaurants and new retail units to the area. The proposed scheme will also greatly improve the local environment, bringing new facilities, open spaces, exciting artwork and, in conjunction with Transport for London, improvements to Victoria underground station as part of the Victoria Station Upgrade.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries.
Land Securities is the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of property, from shopping centres to offices.
Further information can be found on CPPIB's website.