London, 17 September 2012 – Demolition works have started at 100 Cheapside, one of the City’s most significant development projects. Following the 12-week demolition, construction on the 100,000 sq ft Grade A office and retail development will start in January before scheduled completion in 2014.
Joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates are developing the new BREEAM ‘Excellent’ building, which will offer office floor plates of up to 11,000 sq ft over 10 floors, targeting core City occupiers looking for Grade A space.
Tristram Gethin, managing director and founding partner of Quadrant Estates, who is overseeing the development, commented on behalf of the investors:
“This is an important milestone and kicks off the ground works on site. Following demolition of the existing buildings, we will be on course to start construction in the new year.”
100 Cheapside is located in the heart of the City of London, between the Bank of England and St Paul’s and benefits from excellent transport links. This prime site is one of the last pieces of Cheapside to be redeveloped. The development will include 9,000 sq ft of retail accommodation, which is likely to attract major brands looking for exposure to the City retail market on this prime retail thoroughfare.
The location will also benefit from the City Corporation’s Cheapside Retail Initiative, which aims to significantly enhance the local streetscape and will reinforce Cheapside as one of the City’s main shopping destinations.
CBRE and BNP Paribas Real Estate act for the joint venture partners on the leasing of 100 Cheapside.
About the City of London Corporation
The City of London Corporation is a uniquely diverse organisation. It supports and promotes the City as the world leader in international finance and business services and provides local services and policing for those working in, living in and visiting the Square Mile. It also provides valued services to London and the nation. These include the Barbican Centre and the Guildhall School of Music & Drama; the Guildhall Library and Art Gallery and London Metropolitan Archive; education (including three independent schools and sponsor of three City Academies); five Thames bridges (including Tower Bridge and the Millennium Bridge); the Central Criminal Court at Old Bailey; over 10,000 acres of open spaces (including Hampstead Heath and Epping Forest), and three wholesale food markets. It is also London’s Port Health Authority and runs the Animal Reception Centre at Heathrow. It works in partnership with neighbouring boroughs on the regeneration of surrounding areas and the City of London Corporation’s charity, the City Bridge Trust, makes grants of more than £15 million annually to charitable projects in London. www.cityoflondon.gov.uk
020 7332 1835
About CarVal Investors
CarVal Investors is a leader in managing opportunistic value investments. Since 1987, CarVal Investors has acquired more than $54 billion in assets in 3,980 transactions across 62 countries. The firm has opportunistically invested over $9.5 billion in more than 1,000 global real estate transactions since 1991. Today, CarVal Investors has over $9 billion in assets under management in both credit and real estate strategies. In Europe, CarVal Investors’ real estate team focuses on the office, industrial, residential and retail sectors in the U.K. and France. www.carvalinvestors.com
020 7292 7745
The Orion European Real Estate Fund III, C.V., is sponsored by Orion Capital Managers, a leading European real estate investment firm wholly owned by Aref Lahham, Bruce Bossom and Van Stults. Orion has completed €4.0 billion of real estate investments since its inception in 1999. Orion has a team of over forty real estate professionals with offices in London, Paris, Madrid, Milan and Luxembourg. Currently, Orion is investing the Orion European Real Estate Fund III with €1.28 billion of committed equity raised in 2009. Orion has funded in excess of 2 million sq ft of developments, re-developments and refurbishments across Europe. www.orioncapitalmanagers.com
020 7553 9331 / 07966 018252
About Quadrant Estates
Quadrant is a private property development and investment company founded in 1997. Its strategy is to generate strong investor returns through intelligent asset selection and effective asset management. The company has a development pipeline of assets totalling in excess of £1 billion, to include the 230,000 sq ft Moorgate Exchange at 72 Fore Street and the 130,000 sq ft Carmelite building on the Victoria Embankment in the City. www.quadrantestates.com
Rebecca Cockman Goodford
07771 548 999
07771 544 999