London, 5 March 2013 – Joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates today announced the appointment of Skanska as building contractor on 100 Cheapside, the 100,000 sq ft prime City office development in London. Work will start immediately.
Skanska will be responsible for the £28m construction of the Grade A office development, which is scheduled for completion in autumn 2014. 100 Cheapside is located in the heart of the City of London, between the Bank of England and St Paul’s on the corner of King Street, and benefits from excellent transport links.
Tristram Gethin, Managing Director and founding Partner of Quadrant Estates, who is overseeing the development, commented on behalf of the investors:
“We are right on track with the development of 100 Cheapside, which will occupy a prime site in the heart of the City. It is one of the last pieces of Cheapside to be redeveloped. The spectacular building will have stunning views from its ninth floor roof terrace and will attract occupiers looking for a high spec HQ building in a great location.”
100 Cheapside will be a 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. 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.
Paul Heather, Managing Director, Building – London and South East, Skanska said: “Winning this project in such competitive market conditions is a true testament to our commitment to a more sustainable future and our client’s confidence that they can use our knowledge and skills to achieve a building which meets the high environmental standards of today and for years to come.”
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. The building is designed by EPR Architects.
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 around $8 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 2m sq ft of assets totalling in excess of £1.1 billion, including 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
01491 638 118 / 07771 548 999
Skanska in the UK
Skanska is involved in some of the UK’s most prestigious building and infrastructure projects, working with both private and public-sector clients. We also deliver numerous smaller schemes, including public-realm improvement, hard and soft landscaping and utilities projects. In addition, by combining our skills and experience in construction and infrastructure development we have become a UK leader in delivering schemes in healthcare, education, defence, transportation and municipal services that bring together private and public investment.
01923 423 396 / 07971 324647