Landsec confirmed as funding partner for The Liberty of Southwark
3 May 2022
Landsec is pleased to announce that it has today been confirmed as funding partner for the consented, mixed-use development in Southwark. The Liberty of Southwark is a public-private partnership between U+I (part of the Landsec group) and Transport for London. As part of the deal Landsec has paid £54.7m for the land, giving it 100% ownership.
The scheme is another example of Landsec’s strategy in action, recycling capital into higher return opportunities. The Liberty will provide more than 160,000 sq ft of new office space, plus shops, restaurants, cafes, flexible small business workspace and new homes. It will bring more than 1,850 new jobs to the area and 36 residential units, including 12 for social rent and a further 4 for discounted sale. The scheme augments Landsec’s existing Southwark pipeline including The Forge, Red Lion Court and Timber Square.
Mark Allan, CEO Landsec, said: “The Liberty of Southwark is one of the most exciting assets within the U+I portfolio. This is a crucial step forward in realising the potential for this scheme, which the U+I team have already made great headway on. We said at the time of the U+I acquisition that the deal would allow us to accelerate our strategy, and that’s exactly what we are doing.”