The €12 billion ($13.5 billion) CGI property fund is to take a50% stake in White City in a deal that values the site alone at£203 million ($320 million). Chelsfield will project manage themillion-sf development while retaining a 50% stake as a long-terminvestment. Completion is scheduled for the first half of 2007.

And as the first piling rigs start on site, seven years afterinfrastructure works began, the project has received a second boostwith news that Marks & Spencer has finally agreed to take a152,000-sf anchor store over three floors in the northeasterncorner of the development. M&S had originally been lined up asanchor tenant, but subsequently went cold on the idea when it wasforced to cut its expansion plans in the late 1990s. The deal willbe seen as confirmation that M&S is now back on theacquisitions trail.

Chelsfield chairman Elliot Bernerd says discussions were underway with other anchors. "Our expectation is that terms will beagreed with a second retailer within the next four to six weeks,"he says.