‘Co-op close’ to announcing NOMA JV

EUAN Sutherland’s resignation as chief executive of the Co-operative Group last week is understood to have forced the organisation to postpone a major announcement on a new development partner for the NOMA scheme.

Co-op ended talks with preferred development partners Delancey and Landid in June saying it could not “agree the priorities” regarding the 20-acre mixed use redevelopment of land close to Victoria station.

Since then Hermes Real Estate, which manages money for the BT Pension Fund, has been in the frame.

Co-op would not comment on talk of an imminent deal, but in a statement NOMA director David Pringle said: “We remain in talks with potential joint venture partners, and hope to bring these discussions to a positive conclusion in due course.”

The first phase of NOMA is the Co-op’s new Angel Square headquarters building which was bought by RREEF Real Estate, the property arm of Deutsche Bank’s asset and wealth management division, and Chinese state-owned Gingko Tree Investment for £142m in February last year.