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Report: Lendlease, partner to buy development rights for London mixed-use scheme

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Report: Lendlease, partner to buy development rights for London mixed-use scheme

Lendlease Corp. Ltd. and Starwood Capital Group LLC are holding exclusive discussions to purchase the development rights for a 7 million-square-foot mixed-use project in east London's Royal Docks from a consortium that was chosen as development partner by the Greater London Authority in 2012, Bloomberg News reported, citing people with knowledge of the plan.

The scheme, dubbed Silvertown Quays, aims to revamp a largely untended, former industrial space on a 62-acre district between Canary Wharf and London City Airport, with intentions to lure technology companies.

Citing sources with knowledge of the matter, the media outlet reported that the joint venture partners are nearing a deal for the development, which will feature offices, homes and stores.

Alongside its partner, the Australia-based international property and infrastructure group Lendlease will take the reins of the project from a group including Macquarie Group Ltd., Chelsfield Partners LLP and London-based developer First Base, Bloomberg noted, citing the people who asked not to be identified.

Representatives from relevant parties refused to comment, the March 15 report noted.

The £3.5 billion Silvertown Quays scheme obtained planning consent from former London Mayor Boris Johnson in 2015.

The Australian company is also one of the two finalists to join housing association Peabody on the development of its £4 billion Thamesmead Waterfront scheme in South London. Lendlease expects to hear the association's decision in the summer of 2018.