British Land and AustralianSuper announced the sale of 50% of British Land's share in the Canada Water Masterplan to AustralianSuper for £290 million. Following completion of the sale, British Land and AustralianSuper formed a 50:50 joint venture to accelerate the delivery of this 53 acre development, which is one of the largest and most sustainable London regeneration projects in history. This transaction values British Land's interest prior to the sale at £580 million.

AustralianSuper is Australia's biggest profit-to-member pension fund with more than £140 billion in member assets under management and a growing presence in the UK property landscape. This exciting new partnership combines funding from a leading, international investor with British Land's best in class operational platform. It leverages British Land's skills in mixed use, sustainable development to drive value for shareholders whilst bringing new homes, workspace, retail, leisure, employment opportunities and an enhanced public realm to the local community.

This transaction accelerates the delivery of British Land's ambitions at Canada Water, increases returns and releases capital for further development. British Land will also earn fees from the JV as the development and asset manager for the Masterplan and will be entitled to an enhanced return if the JV meets certain returns targets. The JV has already committed to developing Phase 1 of the Masterplan which is expected to complete in third quarter 2024.

British Land and AustralianSuper have committed to £201 million of initial funding to the JV for the purposes of developing Phase 1 of the Masterplan and to progressing subsequent phases of the development. The funding shall be split equally between British Land and AustralianSuper. It is anticipated that future development will be funded through a combination of shareholder equity and third party debt.

The London Borough of Southwark also has the right to participate in the Masterplan but has elected not to fully participate in Phase 1.