Chinese giant Greenland is investing up to £1.2bn in two residential-led development sites in London.
The state-owned group is in discussions to buy a second site in Canary Wharf. It plans to invest circa £600m into the residential project. The formal contract is expected to be signed at the end of the month.
It comes as Greenland today signed a formal agreement at the Berkeley hotel, SW1, to buy the Ram Brewery development from Minerva.
The acquisition, the group’s first in the UK, has a total investment value of up to £600m. Ram Brewery has outline planning permission for 661 homes, including a 36-storey residential tower comprising 166 flats and 102,300 sq ft of commercial space for new shops, cafés, bars and restaurants.
Greenland has circa 600m sq ft of commercial and residential projects under construction in 80 cities throughout China as well as real estate projects in Jeju, South Korea; Pattaya, Thailand; Sydney and Melbourne, Australia; and New York and Los Angeles, US.
Greenland chairman Zhang Yuliang said: “Investing in London is our strategic position after a long-term study [of the opportunity]. In our early investigations, David Cameron and Tony Blair expressed their support to bring investment. London mayor Boris Johnson and deputy mayor Sir Edward Lister have met us many times and given us encouragement. This made us feel greatly honoured and inspired to develop in London.”
Listen to an interview with deputy London mayor Ed Lister and Wandsworth council leader Ravi Govinder here
annabel.dixon@estatesgazette.com
