Deka in talks over Paradise Street funding

The German fund manager, Deka, is reportedly in talks with Grosvenor over funding part of its £750m Paradise Street scheme in Liverpool. Paradise Street will be located on a 42-acre site in Liverpool city centre. Grosvenor already has consent for 1.6m sq ft of retail space, 230,000 sq ft of leisure and 364 new homes.

Deka is looking to inject £200m into the scheme, giving it ownership of a significant proportion of the development upon completion.

One option under consideration is a combination of equity provided by Deka and a consortium of UK investors. Another option involves the consortium providing all the equity, although Grosvenor is considering a structure to allow Deka’s involvement.

Hermes, Liverpool Victoria and CIS are all understood to be in discussions with Grosvenor about joining the consortium.

Grosvenor’s original partner, Henderson Global Investors, pulled out of the scheme last year. DTZ was then appointed to advise on funding.

www.efreeman.co.uk
Source: Freeman / Property Week

Related News