KUALA LUMPUR: MTD Group has secured RM1.5 billion financing from Australia's largest pension fund AustralianSuper and one of the largest real estate investment managers in the world, TH Real Estate, for the development of One Crown Place in London. One Crown Place which has a gross development value (GDV) of £500 million (RM2.70 billion) is a 370,500 sq ft mixed use scheme to be developed by the group's wholly owned subsidiary, MTD (Jersey) Ltd. Earlier this year, Mace, a global construction firm, was appointed as the main contractor of the project which is ongoing and slated for completion in early 2021. "We are very pleased with the outcome of this transaction and the efficient and successful collaboration between multiple stakeholders across the globe. This is a great milestone for us, thanks to the strength of MTD's brand name and the people behind the development of One Crown Place. All of these will further strengthen our position in London," group CFO Tee Kim Siew said in a statement. AustralianSuper head of mid risk Jason Peasley said transaction strongly aligns with its real estate debt strategy to target high quality opportunities secured against institutional assets in top-tier locations in European cities. AustralianSuper has assets under management (AUM) of A$2.3 billion (RM6.9 billion) in direct credit portfolio and A$10 billion (RM30 billion) in property equity portfolio. TH Real Estate has US$3.3 billion of CRE debt-related AUM in Europe. The project comprises 136,000 sq ft office space, 7,000 sq ft retail space, a 41-room boutique hotel, 246 luxury residential units and a historic Georgian terrace that will be fully restored as part of the scheme. Bespoke Hotels, the largest independent hotel group in the UK, has been appointed to operate the hotel. MTD acquired the project, which marked its re-entry into the London real estate and property market after 15 years, from UBS in 2013.