Britain’s Crown Estate, the property company that generates income for Queen Elizabeth II, is seeking investors from the U.S., Canada and Australia to fund the redevelopment of real estate in London’s West End.
The company wants to revamp two buildings in St. James’s Market into offices and shops, spokesman Mike Norris said by phone. The project will require around 320 million pounds ($507 million) of investment and will create 19,500 square meters (210,000 square feet) of offices and 4,650 square meters of shops, he said.
The Crown Estate last month won permission from the Westminster borough for a 450 million-pound St. James’s development. The 10-year project will comprising 31,600 square meters, about half of which will be offices and shops.
The Financial Times reported the news earlier today.