Minerva has offloaded the Ram Brewery in Wandsworth to Greenland.
The acquisition, the group’s first in the UK, has a total investment value of up to £600m.
The deal comes after communities secretary Eric Pickles and London mayor Boris Johnson backed Minerva’s plans for the 7.8-acre site in September. It 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.
The historic brewery was originally bought by Minerva in 2006 for redevelopment.
Greenland has circa 600m sq ft of commercial and residential projects currently under construction in 80 cities throughout China as well as South Korea, Thailand, Australia and the US.
Paul Goswell, managing director of Delancey, said: “Since acquiring Minerva two years ago, we have worked hard to comprehensively redesign the original scheme which culminated in planning consent being secured last December. Our strategy had been to implement the scheme ourselves, possibly with a partner, but that changed when Greenland made their unsolicited proposal.
“We are delighted that our efforts to date, together with Greenland’s world-class development expertise, will mean that this long-awaited scheme finally happens for Wandsworth.”
Wilson Lamont, a partner in the real estate group of Ares Management, added: “This is a huge vote of confidence for Wandsworth town centre, seeing an investor of this standing commit to delivering our development. We are confident Greenland will make a great success of it and that Wandsworth town centre will be transformed for the better.”
Guy Grainger, UK chief executive of Jones Lang LaSalle, which advised Minerva jointly with Savills, said: “We are very pleased to have been able to align Minerva with Greenland in what is a landmark transaction for the London residential market and a exceptional result for Wandsworth town centre. This deal emphasises the strong relationships currently being created between the UK and China and further highlights London as the number-one destination for international capital, both of which we see as assuring the delivery of this important regeneration project.”
Lord Livingston, minister for trade and investment, explained: “Today’s announcement from Greenland to invest £600m into this London-based development will create over 600 new homes as well as new jobs in the capital and regeneration projects of this kind make a real difference to communities.”
annabel.dixon@estatesgazette.com
