Skanska has been awarded a £150 million contract to design and construct The Walbrook, a new office and retail development in the centre of London.

The Walbrook will provide a gross area of 600,000 square feet for the client Minerva, including 410,000 square feet of Grade A area and 35,000 square feet of retail and restaurant accommodation. The site will be one of the largest in London, occupying 1.6 acres of land on the corner of Walbrook and Bond Court and will boast a 50 metre-long feature on Cannon Street.

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Bizarrely, the Swedish firm, which employs over 5,000 staff in the UK, has just recently announced that its President of Infrastructure Development is to step down with immediate effect. No details have been released as to the nature of the departure.

Main construction work has now commenced and completion is scheduled for late 2009. David Fison, Chief Executive, Skanska UK said: "We are delighted to be renewing our excellent relationship with Minerva."

Skanska Infrastructure Development’s portfolio includes 16 projects with an investment totalling £183m in 2006.

(DW/JM)