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British Land, OMERS Agree to Build London Skyscraper

British Land, OMERS Agree to Build London Skyscraper
The Leadenhall Building, also known as the '"Cheesegrater" will be built in the City of London financial district. Source: British Land via Bloomberg

British Land Co., the U.K.’s second-largest real estate investment trust, and the property arm of Canada’s Ontario Municipal Employees Retirement System completed a joint-venture agreement to build a 47-story office tower in London.

The Leadenhall Building, known as the Cheesegrater because of its shape, will be completed in mid-2014 at a cost of 340 million pounds ($526 million), British Land and Toronto-based partner Oxford Properties Group Inc. said in a statement today. The Richard Rogers-designed building will be built in the City of London financial district.

British Land has contributed the site, worth about 90 million pounds. Oxford will pay the next 90 million pounds to prepare and start the development. The remaining costs will be split, said British Land, which will pay a total of around 125 million pounds in addition to the land.

Developers including British Land and Land Securities Group Plc have revived plans this year to build towers in the district after cancelling them two years ago because of the global financial crisis. A shortage of development has pushed up rents as demand for modern office space picks up.

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