Great Portland Estates has teamed up with BP Pension Fund in a 50:50 joint venture aimed at developing a mixed-use site in Blackfriars, London.
The tie-up, announced this morning, involves the creation of a new vehicle, Great Ropemaker Partnership - made from the London listed company and Ropemaker Properties, the property arm of bp Pension Fund.
The partnership has completed the £20.5m purchase of a development site at 240 Blackfriars Road from Great Portland Estates and plans to develop a mixed-use property of 207,000 sq ft. The site’s existing 34,000 sq ft is in the process of being demolished.
Toby Courtauld, chief executive of Great Portland Estates said the joint venture: ‘allows us to spread our development risk at Blackfriars Road and it forges a new relationship with a high quality partner opening up new avenues for future business together.'