Monday, 30 March 2015
International Consortium to buy London south bank regeneration project from the Carlyle Group for €421.5 mln (UK)
An international consortium, comprising of the UK’s Native Land, Singapore’s Temasek and Hotel Properties Limited (HPL), and Malaysia’s Amcorp Properties announces the formation of a joint venture which has exchanged contracts to acquire Sampson House and Ludgate House from global alternative asset manager The Carlyle Group, for £308 mln (approx. €421.5 mln) The Carlyle Group managed the asset on behalf of its third European fund CEREPIII.
The transaction will result in the creation of the new Bankside Quarter, a 130,064 m² residential, office and retail development, which will further enhance an area undergoing a transformation through a raft of other improvements.
The expanded Tate Modern, the new Blackfriars Station linking the north and south bank of the River Thames and the recently opened Mondrian hotel have already combined to make the area a vibrant new London location.
A planning consent for the redevelopment of the 5.3 acre site, designed by PLP Architecture, was secured by Carlyle in March 2014 and comprises permission for 489 apartments and 26,756 m² of offices, as well as retail, leisure and cultural facilities. When completed, the project will comprise five residential buildings and four office buildings.
Source: FTI Consulting