Development Securities Gains on Plan to Construct Theme Park
Development Securities Plc (DSC), the builder of London’s Paddington Central business center, climbed as much as 3.1 percent in London trading after being appointed to lead the development of a 2-billion-pound ($3.2 billion) entertainment complex in southeast England.
The shares rose as much as 5 pence to 165 pence. The company will help build an entertainment and leisure resort in a partnership with Paris-based Lafarge SA (LG), the world’s biggest cement maker, and construction firm Brookfield Multiplex Group.
London Resort Company Holdings Ltd., the joint company, signed an agreement with the licensing unit of Viacom Inc.’s Paramount for a resort in the complex, which will be located on Swanscombe Peninsula, about 23 miles (37 kilometers) southeast of central London.
The developer intends to apply for planning permission with Dartford and Gravesham Borough Councils, with an expected date for opening the complex in 2018, Tony Sefton, project leader for London Resort Company Holdings Ltd. said in the statement.
Development Securities was up 1.9 percent at 163 pence as of 3:01 p.m., reducing the drop for the past 12 months to 10 percent. The company has a market value of 199 million pounds.
Features of the development on the 872-acre (352-hectare) former industrial site include an indoor water park, theaters, cinemas, live-music venues, hotels and restaurants, according to the statement.
Brookfield Multiplex is a unit of Brookfield Asset Management Inc. (BAM/A) of Toronto.
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