INDUSTRY NEWS

Investor purchases stake in London office space development

A Hong Kong-based investment firm has agreed to provide £480 million worth of funding for an east London development, according to an article published by Reuters.

Knight Dragon, in return for their investment, will receive a majority stake of 60% in the scheme, which will provide homes and retail amenities, as well as London office space.

British development firm Quintain Estates will retain the remaining 40% stake in the venture.

Lend Lease, an Australian developer, originally held a half stake alongside Quintain, has agreed to sell the stake to Knight Dragon for around £100 million; the Hong Kong-based investment firm will also provide up to £300 million of debt funding as part of the deal.

Located in close proximity to the O2 Arena, the Greenwich development will feature in excess of 10,000 new homes and office and retail space for  25,000 workers – spread across a 1.4 mile stretch, running alongside the River Thames.

Maxwell James, chief executive for Quintain, commented on the deal.

He said: “Together we are well placed to turn our vision for this landmark project for London into reality, creating thousands of homes and jobs in the process.”

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