The new joint venture company has now signed a development agreement with the London Borough of Enfield enabling work on the scheme at the Cecil Road and Sydney Road car park sites to proceed. Construction is expected to start in late 2002 with completion in late 2003.
The 250,000 sq ft scheme will provide 23 units in open malls and the development also includes a 4,180 sq m library and a arts centre. A multi-level car park will provide 550 spaces.
Jan Doets, CEO of ING Real Estate, commented:'This strengthens our position in the UK retail market and boosts our UK Real Estate portfolio which will be managed by our Asset Management arm in the UK, Baring Houston and Saunders'.
Agents acting for Laing Property were Chase & Partners. ING was represented by CB Hillier Parker and the London Borough of Enfield by Donaldsons.
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