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Skanksa beats McAlpine to £70m Telex House

Private equity fund manager MGPA has appointed Skanska to deliver a £70 million office scheme in Moorgate, Construction News understands.

The company saw off competition from Sir Robert McAlpine to secure the job which will see a new 225,000 ft building constructed at 72 Fore Street.

MGPA acquired the site near Moorgate from Telereal Trillium and Royal Mail for £35m last summer.

The scheme, designed by HKR Architects and Pringle Brandon Drew, will feature 11 upper floors of grade A office space with floor plates ranging from 7,900 sq ft to 24,000 sq ft.

The first and second floors will have trading floor capacity, while the upper five floors will include roof terraces and city views.

MGPA is working in joint venture with Minneapolis-based CarVal Investors and property company Quadrant.

The trio’s strategy is fully funded and work is expected to be completed by the end of 2013.

The MGPA development team will act as development manager with Quadrant as development consultant.

Announcing the acquisition of the property last summer, MGPA chief executive Laurent Luccioni said:  “This investment is the third investment in the UK on behalf of MGPA Europe Fund III.

“The investment strategy is to acquire well-located development sites on which a modern, efficient grade A building can be constructed to take advantage of the current window of opportunity for office development in the City of London given the demand/supply imbalance.”

Robert Balick, senior managing director of CarVal Investors, added: “This investment demonstrates CarVal Investors’ commitment to the UK market and is at the right point in the City development and rental cycle, enabling us to provide large, flexible and efficient floor plates at a time when new quality, grade A office will be in short supply in the City.

“In addition, the site is in an attractive location close to three major transportation hubs and the future Crossrail station and we look forward to working with MGPA and Quadrant on this exciting development”.

Other MGPA assets in the UK include, Exchange Tower, in Docklands which was acquired in summer 2010.

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