Stanhope Plc (Stanhope), one of the UK's leading property development companies, in partnership with Mitsui Fudosan and Alberta Investment Management Corporation (AIMCo), has purchased and intends to redevelop the famous BBC Television Centre in White City, London, with a £50 million (approx. 56 million) financial package arranged with The Royal Bank of Scotland (RBS).
Stanhope has an admirable track record with similar developments, and has completed some £10 billion (approx. 11.7 billion) in projects since 1987. It has undertaken more property developments in central London than any other organisation, with 10 million ft² under construction or in the pipeline and was selected after a competitive pitch process.
The deal will see RBS provide £50 million (approx. 58.6 million) to assist with the purchase and development. The bank has also created a bespoke package that will take into account rental payments from the BBC. Stanhope will utilise the funding from RBS Corporate to secure planning permission for a mixed development including residential, office and leisure space as well as retaining the BBC presence on the site.
David Camp, chief executive of Stanhope Plc, said: "We were thrilled when we secured the mandate and financial backing to redevelop the iconic BBC site, and we are delighted that RBS have seen the potential in us, and this development. We are confident in our approach, and our ambitions, and the team at RBS has created the ideal, bespoke package to help us fulfil our ambitions for the area. We're looking forward to working hard and watching the project take shape, as well as continuing our relationship with everyone at RBS."
Paul Bryan, relationship director for RBS Corporate said: "We're delighted to be assisting Stanhope with the development. It underlines and supports our ambition to help businesses that help local communities throughout the UK and is an example of our ability in creating bespoke funding packages for a variety of initiatives. We're excited about watching Stanhope's plans come to life, and looking forward to continuing our relationship."