British Land has sold 50% of British Land’s share in the Canada Water Masterplan to AustralianSuper.

British Land and AustralianSuper will form a 50:50 joint venture to accelerate the development of the 53-acre site.

AustralianSuper is Australia's largest profit-to-member pension fund, with a rising presence in the UK property market. British Land's best-in-class operational platform is combined with capital from a significant international investor in the new partnership.

Simon Carter, CEO of British Land commented: “We are delighted to be working with AustralianSuper on this exciting development to deliver a new urban centre for London at Canada Water. The investment by AustralianSuper, who have extensive experience investing in major regeneration schemes, is a testament to the strength of British Land’s reputation and best in class development and operational platform. This new partnership enables us to move faster, delivering new homes and workspace, creating new opportunities for local people and delivering
value for our shareholders.

This transaction is a great example of our proactive approach to recycling our capital and leveraging our expertise by working with like-minded partners.”

Paul Clark, Senior Investment Director Property UK, AustralianSuper added: “Our investment in Canada Water will contribute to the retirement savings of our 2.6 million members, whilst also being part of a once-in-a-lifetime regeneration project that will provide benefits to residents, businesses and the community for generations to come.

The Canada Water Masterplan fits with our focus on investing at scale in large mixed-use projects in major urban centres and we believe this location will become a preferred destination for a range of end-users.
We are actively pursuing new large-scale investment opportunities in the UK and Europe, as well as building out our local team to support this objective. The opportunity to come together with a partner of the calibre of British Land is a critical step to our ongoing expansion in the region and closely aligns with our focus on high-quality assets and responsible investment.

We are delighted to be working with British Land to accelerate the delivery of this critical regeneration project and look forward to seeing Phase 1 of the development come to life over the coming months.”