INDUSTRY NEWS

Canary Wharf Group agrees £90m deal for sole ownership of office-led development

The Canary Wharf Group has taken ownership of the Wood Wharf Limited Partnership, after buying out previous partners, British Waterways and Ballymore.

British Waterways and Ballymore Properties are set to receive £52.4 million and £38 million respectively for their 75 per cent interest in the development.

As part of the deal, the Canary Wharf Group has agreed a restructured deal with British Waterways, which acts as a freeholder of the site. This new deal will give the Canary Wharf Group complete control over the design and timing of the development scheme.

Measuring 16.8 acres, the Wood Wharf site is set to be used to provide Canary Wharf office space, as well as residential, leisure and retail properties.

Chairman and chief executive of Canary Wharf Group, Sir George Iacobescu, spoke about the development.

He said: “Wood Wharf’s development will mark an important evolution in the development of the Canary Wharf business, retail and residential district. This mixed use development will set new, world-class standards for design, sustainability and community integration.”

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