LaSalle Investment Management has forward funded construction by Bouygues Development of a Morrisons foodstore at Hallsville Quarter in Canning Town, London.
LaSalle Investment Management has forward funded construction by Bouygues Development of a Morrisons foodstore at Hallsville Quarter in Canning Town, London.
The investment commitment comes to £43 mln (€50 mln).
Work on the development started in the New Year. When completed, the project will comprise a 7,200 m2 store on the ground floor. A basement car park with 400 spaces and residential over the retail element will be sold off separately.
A LaSalle fund will hold a long leasehold interest and this will be entirely let to the retailer on a 25-year lease, with RPI indexed linked reviews. Completion of the scheme is due in early 2015.
LaSalle invested over £250 mln in UK supermarkets during 2012 of which £66 mln went towards new developments.
GVA acted for Bouygues Development and LaSalle was advised by Wilkinson Williams.
