Hong Kong backers buy into Greenwich scheme
Developer Quintain Estates has sold a 60% stake in its proposed Greenwich Peninsula scheme to a Hong Kong investor for £78.8m.
The deal is said to ‘pave the way for the transformation of Greenwich Peninsula’, with plans for 10,000 new homes, a 3.5 million sq ft commercial district, as well as new shops, hotels, schools and public facilities along 1.4 miles of Thames river frontage.
Newly formed joint venture Greenwich Peninsula Regeneration Ltd (GPRL) owns 18.6 acres of land within Peninsula Quays and has development rights for 14 million sq ft of residential-led mixed use development land across more than 150 acres at Greenwich Peninsula.
The Hong Kong investor is Knight Dragon, owned by Dr Henry Cheng Kar-Shun, chairman of New World Development, a £4.6bn Hong Kong listed conglomerate with substantial interests in property and infrastructure in Hong Kong and China. Dr Cheng is injecting £300m into the project.
GPRL will pay Quintain £4m a year to manage the project once construction gets going.
The deal, which remains subjewct to shareholder approval, will also sees Lend Lease sell its stake in the development for £100m
Quintain chief executive Maxwell James said: "This is a transformational deal for Quintain and is the next step in realising the inherent value in our key London projects by attracting significant third party capital. It introduces a highly respected and experienced partner who brings considerable financial strength and a network of global relationships. 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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This article was published on 18/06/2012 (last updated on 19/06/2012).