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LONDON-Land Securities has selected Beacon Capital Partners to help fund One New Change and confirms the Boston-based firm will be its 50-50 joint venture partner on the scheme. The City Corporation of London granted detailed planning consent for the 560,000-sf project earlier this year.

"We selected Beacon Capital Partners on the basis of their suitability from an initial list of 12," says Richard Linnell, head of investment management for London at Land Securities. "Beacon has an extensive track record in mixed-use development and understands the issues involved in delivering high profile projects."

Designed by Jean Nouvel, the 560,000-sf landmark retail and office development will occupy a high profile site to the east of St Paul's Cathedral. Comprising 220,000 sf of retail space on three levels and four 25,000-sf anchor stores, One New Change will be the city's first purpose-built shopping center. The development will also provide 340,000 sf of offices and a rooftop public space.