Construction group Lendlease and private investment firm Starwood Capital have announced plans to acquire The Silvertown Partnership, which holds rights to a major development project in London’s east end.
Lendlease and Starwood will acquire the Silvertown project from its existing shareholders First Base, Chelsfield Properties and Macquarie Capital on a 50 per cent co-investment basis.
Lendlease will work as development manager and construction manager for the Silvertown Quays project.
With an estimated development value of £3.5bn, the project has approval for 7m square feet (sq ft) of residential and commercial use, including 3,000 homes and the restoration of the historic Millennium Mills and the listed Silo-D.
Located between Canary Wharf and London City Airport, Silvertown Quays will will be served by Crossrail later this year.
The project will also incorporate restoration of the dock walls, new public spaces, as well as commercial and retail space.
Dan Labbad, CEO of international operations at Lendlease said: “London is universally recognised as one of the world’s most exciting cities.
“In order to maintain its rich mix of cultures and people, the city must continue to deliver projects like Silvertown Quays.
“Working in partnership, we plan 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, global head of real estate acquisitions, Starwood Capital, said: “We are excited to partner with Lendlease on this prominent East London regeneration scheme that will help address London’s much needed affordable housing and private residential demand.
“We believe in London’s long-term growth potential and are confident that the underlying value for this waterfront site will benefit from Crossrail connections and deliver a new gateway destination creating a strong visitor experience.”