Henderson Global Investors has entered into a joint venture with Istithmar P&O Estates (IP&OE) to develop the final phase of Regent Quarter; its mixed-use regeneration scheme located on York Way, adjacent to King's Cross Station, London.

Henderson, on behalf of its Central London Office Fund, has agreed to equity fund the development expenditure for the final stage of the scheme known as Block D which was granted detailed planning consent last year. It will comprise a new BREEAM Excellent office building of 3,307 m2, 39 new residential apartments, restoration of a two storey Grade II listed horse stable to studio offices and three retail/A3 units.

IP&OE has retained an equity interest and will be the development and project manager for the scheme which has a total anticipated end value of £70 mln (EUR 83 mln).

The commitment follows hot on the heels of the acquisition of Regent's Wharf, King's Cross by Henderson for its Central London Office Fund II. This 6,224 m2 freehold office complex is let to 3 tenants with an average unexpired lease term of 5.5 years.

BNP Paribas Real Estate acted for Henderson in the acquisition.

The Henderson Central London Office Fund has been recognised as the top performing 'Specialist' fund as measured by the IPD UK Pooled Property Fund Indices over the three-year period to December 2010.