Mitsubishi buys £200m stake in West End scheme

Mitsubishi Estate is buying a £200m stake in a major West End development. The Japanese developer will be Legal & General’s funding partner for the Central St Giles scheme, WC2. It was chosen ahead of US fund GE Real Estate and a UK fund. L&G and Mitsubishi first worked together in 2002 when L&G forward-purchased its development of St Martin’s Court on Paternoster Row, EC4. Mitsubishi is also developing Bow Bells House, EC4, with Stanhope – the development manager of Central St Giles. The freehold island site, close to Centre Point, has planning consent for 375,000 sq ft of offices, 30,000 sq ft of shops and restaurants and 100 flats. Jones Lang LaSalle advised L&G; Cushman & Wakefield acted for Mitsubishi.