Wanda One, the UK subsidiary of leading Chinese real estate company Dalian Wanda Group, has secured development finance for its One Nine Elms project, SW8.
Ping An Bank has provided an initial drawdown of £100m of debt, as part of a £500m facility, which will contribute towards the funding of the scheme through to completion. The balance of the funding will come from other sources and Wanda.
From October 2014: Wanda One launches One Nine Elms
The mixed-use development designed by architectural practice Kohn Pedersen Fox Associates, will comprise of a pair of towers reaching 42 and 58 storeys, situated at the gateway to the Nine Elms regeneration area.
Tim Gawthorn, director at Wanda One UK, said: “We are pleased to announce the arrangement of financing for One Nine Elms, which will support the successful delivery of this important mixed-use development. On completion, One Nine Elms will bring high-quality residential apartments, a five-star Wanda Vista hotel, world-class amenities and public spaces for the community to enjoy.”
Dean Banks, managing director at Balfour Beatty’s UK Construction Services, said: “We are pleased to be awarded the pre-construction services agreement for One Nine Elms and to be partnering with Wanda One to get this fantastic project underway. This reflects the depth and breadth of experience we have in this sector and builds on the success of similar projects across London.”
Balfour Beatty and Wanda One will now work together to agree the details of the final contract award which is expected by the end of the year.
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