British Land Co PLC said it entered into a joint venture with AustralianSuper to develop the Canada Water Masterplan, one of the largest ever regeneration projects in London.
British Land sold a 50% stake in the project to the Australian pension fund for £290mln.
The 53-acre development, which is located in the London Borough of Southwark, is also one of the most sustainable London regeneration projects in history, British Land said.
The two companies have already committed to £201mln of initial funding for Phase 1 of the Masterplan, which they expect to complete in the third quarter of 2024.
They expect to fund future development through a combination of shareholder equity and third-party debt.
"We are delighted to be working with AustralianSuper on this exciting development to deliver a new urban centre for London at Canada Water,” said British Land chief executive Simon Carter.
He noted that AustralianSuper has extensive experience of investing in major regeneration schemes.
Canada Water Masterplan is expected deliver up to 3,000 new homes, two million sq ft of workspace and one million sq ft of retail, leisure, entertainment and community space.