Hong Kong investor buys share of Quintain’s Greenwich office space in SE10
The next stage of the Greenwich Peninsula’s regeneration has moved a step closer.
A new source of funding has emerged to build 10,000 homes and workspace for over 25,000 workers, in the shadow of the O2 arena at Greenwich
Reuters revealed that a Hong Kong-based billionaire has investment £480m in the Docklands office development using his Knight Dragon business.
Quintain Estates and Develop plc has sold a controlling interest in the South East London office project to Dr Henry Cheng Kar-Shun.
Dr Cheng is reported to have paid £180m for a 60% share of Greenwich Peninsula Regeneration Limited, and committed a further £300m to begin construction on the next phase of the scheme.
Quintain Estates had originally established a 50:50 partnership with the Australian developer, Bovis Lend Lease. Following the restructure the FTSE-listed developer will now retain 40% equity stake in the SE10 office rental development.
The new Greenwich office and residential project will stretch for 1.4 mile with views out to the River Thames.
Quintain’s 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.”
The urban regeneration developer is also making progress at another major project in Brent that will deliver Wembley office space for rent near the football stadium, in North West London.