Firm pairs up with US investment group to take regeneration scheme forward
Lendlease has teamed up with US private equity firm Starwood Capital to take on the development of the 62-acre Silvertown Quays mixed-use scheme.
The scheme in east London’s Royal Docks was being developed by Client Silvertown Partnerships – a consortium of Chelsfield Properties, First Base and Macquarie Capital.
Being built on land sold by the Greater London Authority in 2012, the aim was to deliver 7 million sq ft of development, including a commercial quarter and 2,500 homes, opposite the Excel Centre exhibition centre.
The consortium had decided to sell its interest in the project and talked to a number of interested parties, including Essel Group, owned by Indian billionaire Subhash Chandra, before settling on the Lendlease/Starwood Capital combination.
Dan Labbad, chief executive of Lendlease’s international operations, said the partnership with Starwood Capital planned “to create a place that’s innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term”.
Jeff Dishner, Starwood Capital’s global head of real estate acquisitions, Starwood Capital, said the East London regeneration scheme would help address London’s affordable housing and private residential demand.
Last year it was revealed that Aecom had been awarded the contract to build up to 3,000 new homes during the development’s first £500m phase.
Founded in 1991 and managing more than $50bn of assets Starwood owns a number of property interests, including the De Vere hotel group in the UK.