A London real estate development company has announced that it is partnering with a Canadian investor to acquire a “prime” office site.
Quadrant, a UK real estate asset management and development company, has teamed up with Alberta Investment Management Corporation (AIMCo), the Canadian institutional investor, to acquire the office development site, which is in Nine Elms Park in Battersea.
The 12-storey, 140,000 sq ft office building, for which Royal Mail secured planning consent, is part of the wider “masterplan” for Nine Elms Park, which is centred on a linear park from Battersea Power Station to Vauxhall Cross.
The deal is expected to complete in December 2020 with construction works due to start in 2021.
Tristram Gethin, founding partner at Quadrant, commented: “Closing this deal with a new investment partner is an exceptional achievement and highlights our continued confidence in the future of the office here in London.
“This development is set to become a vibrant new community, enviably positioned between the iconic Battersea Power Station and the US Embassy.
“Having worked closely with Royal Mail on the plans, we’re thrilled to be bringing this exciting development a step closer to reality and hope that this is the first of many projects we will be working on together with AIMCo.”
Rupert Wingfield, head of Europe, real estate at AIMCo, said: “With the new US Embassy, the ongoing Battersea Power Station development close by and new transport infrastructure in the pipeline, Nine Elms is an exciting district within an ever-popular city and we look forward to working with Quadrant on the development of this high-quality scheme.”
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