PATRIZIA and Far East Organisation start £50m redevelopment of 108 Old Broad Street, City

PATRIZIA and Far East Organization have commenced construction at 108 Old Broad Street, executing a classic brown-to-green value-add repositioning of a 1990s City office building. The £50 million contract covers structural extensions, M&E upgrades and an extensive sustainability programme. The scheme forms part of PATRIZIA's EUR 2.5 billion+ pan-European value-add programme and demonstrates the continuing viability of quality refurbishment projects in the core City market amid limited Grade A supply. PATRIZIA SE (German-headquartered global real asset investment manager; EUR 60 billion+ AUM); Far East Organization (Singapore's largest private developer; equity partner); McLaughlin & Harvey (construction contractor). £50 million construction contract cost; equity-funded between PATRIZIA and Far East Organization per their JV arrangement. Project financing terms not disclosed.