Middle East-based PCP Capital Partners is close to agreeing the purchase of Land Securities’ Arundel Great Court scheme, WC2, near the Strand, for around £230m.
The fund, set up by Amanda Staveley, who is best known for orchestrating the bailout of Barclays bank, is poised to buy the 3.3-acre site, which currently houses 371,358 sq ft of offices.
Two years ago Staveley advised Qatari group Barwa Real Estate on its purchase of LandSec’s Park House, W1, scheme, in a package worth £500m.
At Arundel Great Court, LandSec has planning consent for a 1m sq ft Wilkinson Eyre Architects-designed scheme, comprising 400,000 sq ft of offices, a 152-bedroom hotel and around 150 flats.
A deal could be agreed by the end of the week, sources suggest.
LandSecs declined to comment; PCP was unavailable for comment.
joanna.bourke@estatesgazette.com
