Development Securities PLC, in joint venture with Canadian real estate investment company, Realstar, announces the acquisition from NAMA of a vacant East London residential building adjacent to the Olympic Park for £15.7 million (approx. 19 million). Senior bank debt was provided by RBS.
The residential scheme at Wick Lane, Hackney Wick, comprises 112 units over 116,000 ft² (approx. 10,000 m²) and an additional 12,000 ft² of retail/employment space. The unoccupied residential apartments will be refurbished and let to create an en bloc rental model.
Source: Development Securities