European residential real estate investor Amro Partners has acquired a retail park in UK’s capital for a £400m (€465.9m) residential-led landmark development.
Amro has invested an unspecified amount to buy Lewisham Retail Park in South East London from Legal & General for the project which will comprise 1,000 new residential homes, forming one of the final major pieces of the 20-year Lewisham regeneration plan.
Over the last 18 months, Amro has acquired various adjoining land holdings from a number of private landowners, concluding with the acquisition of the Lewisham Retail Park site and remaining land holdings from Legal & General, Amro said.
The project will open in stages throughout 2028 and 2029.
Amro Partners chairman and CEO, Raj Kotecha, said: “This acquisition is the culmination of two years’ hard work piecing together this incredibly complex site. It’s an honour to play a part in the regeneration of this bright and thriving neighbourhood, with a site that has such vast potential.
“We look forward to working with the council and the people of Lewisham to bring forward a landmark development that sets a new bar for placemaking, sustainability and brings long-term value to the local community.”
CBRE’s head of London residential land, Adam Cradick, who advised Legal & General on the sale, said: “Amro has the ability to deliver an exceptional development with outstanding placemaking, and much-needed housing.
”This transaction is another example of the current positive sentiment within the London residential land market, and the demand we are seeing for best-in-class sites.”
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