ELEPHANT & CASTLE Shopping Centre has been sold for £80m, with the new owners pledging to carry on with plans to demolish the site and replace it with rental homes.
Pension fund APG and real estate group Delancey have bought the site from regeneration specialist
St Modwen and Kuwait’s Salhia Real Estate, who owned the mall for 11 years and sought to crystallise their investment.
The new owners plan to add up to 600 homes to the site, part of Elephant & Castle’s mooted South Village – a sequel development to the East Village on the Stratford Olympic site. Delancey already owns the adjoining Tribeca Square development project through a client fund.
“I hope we can quickly start consultation on a project with so much potential for local residents, businesses and those coming to the area,” said Fiona Colley, cabinet member for regeneration in Southwark.