Land Securities teams with pension fund for Victoria scheme

Developer Land Securities has partnered with the Canada Pension Plan Investment Board to fund development of its Victoria Circle site in London into a £1bn mixed-use complex.

Land Securities sold the existing property on the 5.5 acre site to the new joint venture partnership for £163m.

The completed development opposite London Victoria station will include 910,000ft² of residential, office, and retail with a value of over £1bn.

Robert Noel, managing director of Land Securities’ London portfolio, said: “Having signalled our intention to seek a partner on this project, we’re delighted to have teamed up with Canada Pension Plan Investment Board.

“Victoria is changing, and the transaction is a great vote of confidence in our plans for this part of the West End.”

Demolition on the site is due to start later this year.