Property developer British Land and Australia’s largest pension fund have inked a five-year Memorandum of Understanding (MoU) with King’s College London to build a science and technology centre in London’s Canada Water, as the area undergoes a rapid expansion.
British Land, which manages a portfolio valued at £13bn, entered into a 50:50 joint venture with AustralianSuper in March 2022 worth £3.6m to create a new town centre in the London borough of Southwark.
The Canada Water regeneration ‘masterplan’, approved in late 2019, includes a 53-acre workspace that will accommodate around 20,000 jobs, along with 3,000 new homes and the first new high street in London for a century.
“Canada Water is undergoing a major transformation that will see trailblazing corporate occupiers drawn to the campus to participate in its exciting growth story,” said Mike Wiseman, head of workspace leasing at British Land.
He added: “Our strategic partnership with King’s marks a critical step in accelerating the prosperity of science and technology innovation, reinforcing our dedication to supporting these industries within our community.”
The new science and tech campus in partnership with King’s will host educational talks and networking sessions, and share the latest research into major trends and developments in the sectors.
The project is part of a strategy shift at British Land, which is pivoting to focus on campuses, retail parks and London urban logistics to deliver greater growth.
It also comes as new government Labour focuses on getting Britain building by overhauling the planning system, building 1.5m new homes and improving 5G infrastructure.
Labour has also pledged to hold a global investment summit within the first 100 days of office if it is elected. But its attempts to make Britain a global hub for international capital may be stalled as overseas investors invested in fewer projects than the prior year, recent figures from the Department of Business and Trade show.
Victoria Stanley, investment director at AustralianSuper said: “AustralianSuper seeks to invest in critical regeneration projects, such as Canada Water, which not only benefit the Fund’s Members but also the residents, businesses and communities in which we invest.
“The nexus of innovation and higher education, supported by public and private investment has been identified as a key driver of future UK economic growth, so it’s vitally important we support this sector by not only creating the appropriate spaces for businesses to occupy, but also establishing strategic partnerships which encourage and facilitate opportunities,” Stanley added.
AustralianSuper, which manages over £170bn in assets, has invested some £8bn into the UK since 2016, with holdings of around £2.5bn in UK-listed equities, according to the Treasury.
Its UK investments include a stake in Heathrow Airport and Kings’ Cross redevelopment projects. The firm was reportedly eyeing a £23bn investment spree across the UK and Europe in 2022.