Development Securities acquires £15.7 mln. residential building adjacent to Olympic Park (UK)

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

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