Syon Park Gardens by Simon
London is still the hot spot for global investors, especially from Asia. This is not lost on investors, as Temasek Holdings and 4 other partners teamed up to buy two prime central London properties for £308 million ($458 million) for a residential and office tower development, from the Carlyle Group
According to Amcorp, the 5.3 acre property plot is located in Southbank, adjacent to the Thames River and equidistant from London Bridge and Waterloo station. Permissions for the plot to develop five residential buildings comprising 489 units, four office towers, and retail and leisure facilities, were granted last year. The sales value of the project after redevelopment is estimated to exceed 1 billion pounds.
Amcorp, Temasek and Hotel Properties, each with 30% ownership in the property venture, with Montrose Land and Tarras jointly controlling the rest, created Bankside Quarter Ltd for the deal.
Temasek Holdings is a Singapore state investment firm.
Amcorp Properties Bhd. is a Malaysian property developer.
Hotel Properties Ltd. owns the Four Seasons hotels in Singapore and Bali.
Hotel Properties and Amcorp have separately made statements on March 28 and 30th respectively on the purchase.
Home prices and office space in the U.K. capital have been strong. In the last 12 months through February, UK home prices were up 13% in the capital, according to Hometrack.
Since 2000, office rents in Central London will climb the most this year, according to BNP Paribas, predicting a jump of 17% from last year, as tenants compete for a dwindling amount of space.