Gold prices edge higher with focus on Ukraine-Russia, Jackson Hole
Investing.com -- A partnership deal has been signed between Britain’s Crown Estate, which oversees the public property of King Charles, and Australian real estate group Lendlease LLC., according to a government announcement on Monday.
The deal is set to lead to the creation of new homes and the development of science and innovation hubs in the UK.
The Crown Estate, which manages a property portfolio worth 16 billion pounds ($21 billion), will now have the opportunity to invest in Lendlease’s undeveloped UK portfolio.
This joint venture has the potential to result in the construction of 26,000 new homes and the creation of 10 million square feet of workspace and labs, according to a government statement.
The gross development value of the partnership is estimated at 24 billion pounds ($32.12 billion), as stated by the government.
Minister for Investment Baroness Gustafsson CBE expressed that this partnership is another strong endorsement of the UK’s investment environment and the thriving real estate sector.
She also noted the government’s commitment to get Britain building again, which is a crucial part of delivering their Plan for Change.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.