A new 34 storey tower at 40 Leadenhall, London EC3, which has been nicknamed ‘Gotham City’ could now be funded by M&G Real Estate, it is reported.
Quoting anonymous sources Bloomberg
say that M&G is in ‘exclusive negotiations’ to fund the scheme after
finance from Hong Kong investors fell through.
The 40 Leadenhall project,
which will front both Leadenhall and Fenchurch
Street, will be one of London’s largest ever office buildings with
910,000 sq ft of space and a value of around £400m. Completion is projected for
Bloomberg suggest this is
not only a vote of confidence in the UK market, but a vote of confidence for UK
investment, commenting: “Funding the 40 Leadenhall project would be a big bet
on the future of London’s financial district, which has been clouded by
Britain’s looming exit from the European Union. And for a UK firm to make a commitment of this size is a
departure from the trend for overseas investors to dominate London’s office market.”