LONDON—MG Properties, the real estate investment and development arm of McCourt Global, has joined a development consortium to create a new mixed-use development in London's Shoreditch. The substantial site is in a prime location next to what will be Amazon's new European headquarters, and sits less than five minutes' walk from Liverpool Street and Shoreditch High Street stations.

The consortium is led by Cain Hoy Enterprises, the private investment company, and Galliard Homes, in a partnership with the Bard family's Plough Yard Developments.

The project, known as The Stage, incorporates the remains of Shakespeare's 16th century Curtain Theatre, where Romeo and Juliet was first performed. The deal will see Plough Yard Developments Ltd retain the freehold while granting a new 250-year lease to the consortium to develop the 2.3-acre site, which has consent for a $1.15billion (£750m) GDV mixed-use scheme including a 40-story residential tower and over 250,000 sq. ft. of office, retail and leisure accommodation set around over an acre of vibrant public space. The remains of the theatre will also be excavated and preserved as part of the development, providing a new tourist attraction for domestic and international visitors. Working alongside the consortium, Plough Yard Developments Ltd will keep a stake in this internationally important heritage visitor center.