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LONDON-Morley Fund Management has taken over one of London’s biggest developments, the euro 1-billion ($1.3-billion) PaddingtonCentral development.

The fund has bought Equitable Life’s interests in the still undeveloped phases for an undisclosed sum. At the same time, Morley announced it had agreed to terms with Bovis Lend Lease for construction of the infrastructure that will allow the proposed Crossrail connection under the site. They will also put in the enabling infrastructure for the next phase of PaddingtonCentral.

The 11-acre development to the north of Paddington Station has been designed by Sidell Gibson Partnership. Phase one is already fully let to blue chip occupiers like pension fund Prudential and retailer Kingfisher.

“PaddingtonCentral is one of London’s major strategic developments and has been the catalyst for a series of schemes that are transforming the Paddington area. When completed, it will comprise 1.9 million sf of offices, retail space, residential and leisure facilities,” says Richard Jones, head of Life Funds at Morley Fund Management.

Investment adviser to the scheme, Stephen Hubbard, deputy chairman of CB Richard Ellis, says: “This consolidation of ownership and the announcement of a new contract for the essential decking system now opens the way to realize the full potential for this major West End scheme.”

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