Out-Law / Your Daily Need-To-Know

M&G picked as development partner for £200m Fruit and Wool Exchange

Out-Law News | 09 May 2014 | 4:40 pm |

Developer Exemplar has selected M&G Real Estate to be its funding and development partner for the redevelopment of the Fruit and Wool Exchange at Spitalfields in London's east end, according to reports by the Times .

The Mayor of London approved the 300,000 square feet scheme in 2012 following a refusal of the proposals by Tower Hamlets. Under the plans an existing car park and part of the existing Fruit and Wool exchange will be demolished to allow the development of a six storey building and new pavilion with comprising offices and shops.

Exemplar and the City of London Corporation, which owns the site, launched a search for a funding partner in February after deciding to limit their exposure to the Spitalfields development.

M&G is expected to provide around £125 million to purchase the site and fund construction of the scheme. Exemplar will continue as development manager.