Hermes Real Estate Investment Management has agreed to partner Cathedral Group on its £90m Bromley South Central scheme.
The investor will provide Cathedral with £55m towards the mixed-use project in south-east London, which has won the backing of mayor of London Boris Johnson.
Deputy mayor for housing and land Richard Blakeway said: “This is exactly the type of scheme the mayor wants to see more of in the capital.”
The agreement comes two months after the developer, in partnership with the London borough of Bromley, secured planning permission for its Guy Hollaway Architects and Studio Egret West-designed scheme.
The consent is for 200 flats, a 400-space underground car park, 25,000 sq ft of café and restaurant space, a nine-screen cinema to be operated by Vue, and a 130-bedroom hotel prelet to Premier Inn.
Bromley South Central has also been backed by the Homes & Communities Agency.
Hermes chief executive Chris Taylor said the company was increasingly attracted to long-term investments in sustainable regeneration schemes where transport links were strong and occupier demand was rising.
Cathedral chief executive Richard Upton added: “This scheme will be transformational for Bromley town centre. Attracting this level of investment from one the UK’s largest pension funds is great news.”
The site is due to complete in autumn 2015.
Lunson Mitchenall advised Hermes; Tudor Toone acted for Cathedral.
joanna.bourke@estatesgazette.com
