Russian developer Mirax has joined with the Beetham Organisation to build its £1bn Jumeirah Tower on 1 Blackfriars Road on London’s South Bank.
Mirax has taken a 50% stake in the 51-storey development which is the subject of a public inquiry and was called in by secretary of state Hazel Blears two months ago.
The joint venture was structured by property finance advisory firm Red Chilli Structured Finance.
Head of the Beetham Organisation Stephen Beetham said: “This is a very exciting development for the Beetham Organisation.
“The jv structure Red Chilli created was of particular appeal as it enabled us to underpin the long term value of the project, while allowing us to extract some value at the outset for deployment in what is now a very interesting market.”
The value of Mirax’s stake was not disclosed.
Red Chilli said it had arranged an £80m loan with Royal Bank of Scotland as part of the agreement.
