China鈥檚 property and entertainment conglomerate Dalian Wanda Group has bought residential tower One Nine Elms in London in an off-market deal.
China鈥檚 property and entertainment conglomerate Dalian Wanda Group has bought residential tower One Nine Elms in London in an off-market deal.
The purchase from Irish and UK investor-developer Green Property represents the Chinese group's first foray into the London property market.
One Nine Elms is a mixed-use development which will comprise 1 million sq ft of prime residential, office and retail space within two towers of 45 and 60 storeys respectively, connected by a high-level link bridge. Reaching 205 metres, taller than the Gherkin, One Nine Elms is expected to be completed in 2016-2017.
On completion, the value of the Central London development is expected to be over 拢700 mln. The project has planning permission in place from the London Borough of Wandsworth.
The scheme will be used by Wanda for a five-star hotel, marking the first move overseas by Wanda鈥檚 luxury hotel brand as well as the first luxury hotel opened by a Chinese firm outside China.
CBRE advised Green Property on the sale.
Green Property acquired One Nine Elms from Allied Irish Bank in 2008 in a structured deal where the Bank retained a carried interest in the uplift in the value from 2008 as properties are sold.
