Quintain has released new images of its proposed Greenwich Peninsular development after announcing a new partnership with Hong Kong investor Knight Dragon.
The scheme is set to include up to 10,000 new homes, a 3.5m sq ft commercial district, as well as new shops, hotels, schools and public facilities along 1.4 miles of Thames river frontage.
Quintain, which will enter a 40:60 partnership subject with Knight Dragon subject to shareholder approval, and current partner Lend Lease will exit the project.
The residential element of the scheme is the first part of the scheme the partners have earmarked to come forward, under the new jv.
Through the deal Quintain has secured up to £300m of new financing, as part of a revolving debt funding from Knight Dragon, as well as £150m of cash over the next six years.
To facilitate the deal Lend Lease sold its stake in the scheme for around £100m. The developer expects to make a profit of around £25m on the sale, net of tax and other costs.
Bridget.O’Connell@estatesgazette.com
