Threecompanies formed a joint venture to carry out a £1.4 billion consolidation of twodevelopments in London, which will provide 4,000 new market-rate rented homes,subject to regulatory approval,according to an April 4 release.
QatariDiar Real Estate Investment Co., Delancey Real Estate Asset Management Ltd.'s flagshipclient fund DV4 and Dutch pension fund APG Asset Management NV seek to form a privaterented sector vehicle by combining the entities that own the East Village projectin Stratford and the Elephantand Castle Town Centre redevelopment.
SheikhJassim Al-Thani, Qatari Diar chief development officer — Europe and the Americas,said in a statement that the merger between the two schemes will help boost thesupply of new homes in the country.
Delanceyand Qatari Diar's British development arm will partner to work on the venture'sdevelopment activities.
The assetswill operate under the Get Living London brand, which is the joint venture's currentmanagement and letting platform. The partnership's initial portfolio comprises 1,000houses being constructed, 1,500 more that are already completed and substantiallylet and another 1,500 homes that have planning approval.
JonesDay, Olswang, Mishcon de Reya, Herbert Smith Freehills, Simmons & Simmons, MichaelCohn Goldsobel, CBRE and PWC served as the principal advisers to the parties forthe transaction.
BloombergNews noted April 4 that Qatari Diar and Delancey have partnered to develop 2,818homes at the former Olympic site in the East Village, while APG and Delancey have been working onthe Elephant and Castle development.