OMERS unit Oxford Properties has established a joint venture with the Crown Estate, which manages the Queen’s real estate holdings, to purchase a 50% stake in a £320-million commercial development in Central London.

They will each own 150-year leasehold interests in two blocks in the St James’s Market district of the city.

The deal is part of the Crown Estate’s 10-year plan to redevelop the area, which, once complete, will provide 210,000 square feet of prime office and 50,000 square feet of flagship retail and restaurant space.

“St James’s Market represents a truly exciting opportunity for us to partner with one of London’s foremost property companies on a landmark project that will transform a historic corner of London,” says Paul Brundage, executive vice-president and senior managing director with Oxford Properties.

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