It is the first time the Chinese company, which has won large-scale projects in China, Malaysia and Australia, has bought into the UK market. The scheme has the potential for over 1,000 flats, and has a GDV of over £500m.
The site was originally put up for sale as a joint venture opportunity by Minerva, which is owned by Delancey and Ares Property Partners, at the end of 2015.
Queen’s Square consists of two separate assets, which following consultation Minerva combined the 250,000 sq ft St George’s Walk site, including the listed Segas House, and the 200,000 sq ft St George’s House, the former Nestlé offices. The former could be turned into around 800 flats, while the Nestlé Tower already has planning for 288.
Mr Xia Ning, on behalf of R&F Properties, said: “As a newcomer to the UK market, we are excited to bring our expertise and enthusiasm to this significant town centre scheme.
“We aspire to provide positive real estate schemes across the world and look forward to working closely with the local community, businesses and stakeholders, to deliver the most appropriate scheme for the benefit of the borough.”
R&F Properties was established in 1994 with a registered capital of CNY806m focused on property development in China. In 2005, it listed on the Hong Kong stock exchange and became the first Chinese property developer to be included as a constituent member of the Hang Seng China Properties Index.
JLL Residential advised Minerva, CBRE acted for R&F Properties.
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