Hong Kong Developer Invests in Greenwich Peninsula Mixed-Use Project
- Jul 02, 2012
Quintain Estates and Development plc has announced that Dr. Henry Cheng Kar-Shun’s investment vehicle, Knight Dragon, has taken on a 60 percent stake in the Greenwich Peninsula mixed-use development project in London.
The Greenwich Peninsula project calls for the development of as many as 10,000 new homes, a 3.5 million-square-foot commercial district, as well as shops, hotels, schools and public facilities. Located along 1.4 miles of Thames river frontage, the project site is connected directly to central London via underground, a major bus interchange and riverboats. High-speed rail access to Europe is also ensured through the Stratford International rail connection.
Greenwich Peninsula Regeneration Ltd., the joint venture holding company, has development rights granted for around 14 million square feet of residential-led mixed-use development across more than 150 acres at Greenwich Peninsula.
Knight Dragon agreed to buy Quintain’s previous partner, Australian developer Lend Lease, out of its 50 percent stake in the project, as well as purchasing 10 percent of Quintain’s share.
Dr. Cheng, chairman of the $7.2 billion Hong Kong-based conglomerate New World Development, through Knight Dragon will inject GBP150 million (approximately $235 million) in cash into the Thames-side development and will also provide a GBP300 million (approximately $471 million) credit facility.
Quintain Estates and Development is a listed U.K. property company that focuses on London-centric urban regeneration and fund management. The Greenwich Peninsula is the second-largest project the company has embarked upon, after the 8 million-square-foot mixed-use development around Wembley stadium. Wembley City aims to have around 5,500 residential units, 1 million square feet of office space and 2 million square feet of retail, hotel and leisure development.