South Bank deal a new level in international consortium shopping
The trend toward consortium shopping for big properties continued in London this week with the £308 million purchase of a South Bank regeneration project by 4 international partners.
Locally, this international type of deal has been seen in the partnership of Singapore sovereign wealth fund GIC with Goodman Property Trust in the Viaduct Quarter portfolio, begun in November and continued with the signing for a new building last week.
The London deal goes further, joining London developer Native Land Ltd with Temasek Holdings (Pte) Ltd & Hotel Properties Ltd of Singapore, and Amcorp Properties Bhd of Malaysia, in the purchase from US global alternative asset manager The Carlyle Group.
Carlyle, which has $US194 billion of assets under management, managed Sampson House & Ludgate House on behalf of its third European fund, CEREPIII, and got consent for redevelopment last year.
The transaction will enable the £1 billion landmark development of the Bankside Quarter – 130,000m² of development on a 2.15ha site in an area already undergoing transformation, including the expanded Tate Modern, the new Blackfriars Station linking the north & south banks of the Thames and the recently opened Mondrian hotel.
The 5 new residential buildings & 4 office buildings will contain 489 apartments and 26,800m² of offices as well as retail, leisure & cultural facilities.
The planning consent ensures a £65 million payment to Southwark Council in lieu of affordable housing.
You can see further details on Native Land’s website.
27 March 2015: Fletcher & Goodman sign up for new Wynyard Quarter building
30 January 2015: Goodman’s GIC deal gets regulatory approval
7 November 2014: GIC buys into Goodman waterfront partnership