Chelsfield has confirmed that the German fund, CGI, is to take a 50% stake in the long-awaited White City retail development, in a deal that values the site alone at ÃÂ£203m. Under the terms of the deal, Chelsfield will project manage the development while retaining a 50% stake as a long-term investment.
The proposed scheme comprises over 1m sq ft of retail space, anchored by two department stores. The scheme is also likely to include over 200,000 sq ft of leisure space. Much of the 40-acre site, bounded by Wood Lane, W14 to the west, ShepherdÃ¢â¬â¢s Bush to the south, and the M41 to the east, has been derelict since the 1970s.
The news coincides with confirmation that Marks & Spencer has agreed to take a 152,000 sq ft anchor store at the North Eastern corner of the development.
Chelsfield Chairman, Eliot Bernerd, said that discussions were underway with other potential anchor tenants. Ã¢â¬ÅOur expectation is that terms will be agreed with a second retailer within the next four to six weeksÃ¢â¬Â, he said.