Singapore-listed City Developments Limited (CDL) has acquired the St Katherine Docks (SKD) marina in Central London for £395m (€444m).
Back in January, CDL confirmed talks to acquire the Blackstone-owned a 23-acre estate following UK press reports. At the time, CDL said it was in talks with the seller on the SKD acquisition, subject to satisfactory due diligence and negotiation.
In the latest update, SGX-listed CDL said it had completed the acquisition from funds advised by Blackstone. CDL will fund the acquisition through its internal cash resources and credit facilities.
Opened in 1828, the mixed-use estate fronting the River Thames comprises over 500,000sqft of office, food & beverage, retail and residential, including a marina with berths for up to 185 yachts.
Since 2011, SKD has undergone a £69.5m repositioning and refurbishment programme.
Sherman Kwek, CDL group chief executive officer, said: “Current uncertainty in the UK has provided us with strategic opportunities to acquire prime assets and to expand our portfolio.”
Kwek said the acquisition increased CDL’s total commercial assets in the UK to around £1bn and enhanced its recurring income stream.
The company said it remained a long-term investor in the UK, and had confidence in the fundamentals and resilience of the UK economy.
To read the latest edition of the latest IPE Real Assets magazine click here.