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Unibail-Rodamco-Westfield enters partnership for €750M London residential scheme

Unibail-Rodamco-Westfield entered into a conditional partnership agreement with a unit of Public Sector Pension Investment Board and QuadReal Property Group LP to deliver a €750 million residential scheme in Stratford City, London.

The Canadian public pension fund and QuadReal will each own a 37.5% stake in the partnership, while Unibail will own the remaining 25%. The French mall landlord will also be the developer and manager of the asset.

Adjacent to the Westfield Stratford City shopping center, the Cherry Park development project is scheduled to break ground in the second quarter of 2019. It is expected to become one of London's largest single-site private rented sector schemes, containing about 1,200 new homes and amenities like a gym, swimming pool and workspace, as well as public areas.

Completion of the formation of the Cherry Park partnership is subject to customary closing conditions, according to a release.