Quintain to Get $367 Million as It Exits Greenwich RedevelopmentPatrick Gower
Quintain Estates & Development Plc agreed to sell its remaining 40 percent stake in London’s Greenwich Peninsula redevelopment project to Henry Cheng Kar-Shun’s Knight Dragon investment company.
Quintain will receive a total of 230 million pounds ($367 million), the company said today in a statement. Of that, 44 million pounds was owed by Knight Dragon following its July 2012 purchase of the other 60 percent of the development, close to London’s Canary Wharf financial district.
The project will include as many as 10,000 homes as well as shops, hotels and schools on the River Thames. The deal adds to an influx of Asian investment in London. Oxley Holdings Ltd., a Singapore-based property developer, on Nov. 1 agreed to buy a 40-acre site in east London on which it plans to build 3,400 homes, the company said on Friday.
“Greenwich Peninsula represents a unique opportunity to deliver one of the largest regeneration schemes in Europe and Knight Dragon is fully committed to delivering this landmark development for London,” Sammy Lee, director of Knight Dragon said in the statement.
Malaysian companies SP Setia Bhd and Sime Darby Bhd and the Employees Provident Fund, bought the landmark Battersea Power Station, a derelict plant that’s also Europe’s largest brick building, for 400 million pounds.
Quintain’s stake in Greenwich Penninsula represented about 20 percent of the company’s gross asset value, according to the statement. As a result of the deal, the company’s net debt will drop by 52 percent to 217.6 million pounds.