Legal & General Property is to put a 25% stake in Central Saint Giles, WC2, up for sale.
LGP currently owns 50% of the Renzo Piano-designed 434,265 sq ft mixed-use scheme in partnership with Mitsubishi Estates Corporation. It also manages the complex for the joint venture.
Occupiers in the office element include WPP and NBC Universal, with Google UK taking 155,000 sq ft.
Restaurants on the ground floor piazza include Cabana, Spaccanapoli, Byron and POD.
Nigel Fuller, senior fund manager at LGP, said: “Central Saint Giles is a high-profile, leading, central London development. This has been proven by the quality of occupiers it has attracted and retained since completion, and the strong performance it has shown since being developed with our partner, Mitsubishi.
“The opportunity has always existed to introduce a new investor into the partnership and we are currently undertaking very select discussions with like-minded investors to explore this opportunity. LGP will continue to retain a significant interest in the investment and the ongoing management.”
LGP will retain a 25% interest in the site and continue to manage it.
JLL is advising LGP.
