Australia-listed Lendlease Corp. Ltd. and U.S. private equity group Starwood Capital Group have teamed up to buy out The Silvertown Partnership to develop the £1.2 billion Silvertown Quays mixed-use development project in east London's Royal Docks, Property Week reported.
The seller is a consortium including London-based First Base Ltd, Chelsfield Properties and Macquarie Capital. The newly formed joint venture between Lendlease and Starwood acquired Chelsfield, which held a 33.33% stake in The Silvertown Partnership, and directly purchased the remaining stake, according to the report.
In March, Lendlease and Starwood were reported to be in exclusive negotiations to buy the development rights for the 7 million-square-foot, 50-acre brownfield site. Plans for the development include up to 3,000 homes, as well as office and retail space.
