UK living sector developer HUB and global investment firm HIG Capital have jointly acquired a final 1.2-acre plot in Lendlease’s Elephant Park masterplan in London for £42m (€50.7m).
The acquired site – which represents the final phase of Lendlease’s 10-acre Elephant Park regeneration project – will be developed into a mixed-use space featuring shared-living and affordable homes, a health hub, retail space at the ground level and new public areas.
The latest acquisition expands HUB’s partnership with HIG, building on their previous work at Finsgate House and adding to HUB’s regeneration-led, build-to-rent projects.
Robert Sloss, CEO at HUB, said: “We are delighted to be working with HIG again in such a vibrant part of Southwark and to have the chance to add to the Elephant Park regeneration success. Lendlease has created a great legacy for HUB to deliver the next phase of the neighbourhood and we intend to be first class custodians of the site and neighbourhood.
“This acquisition continues our Central London, ultra urban living strategy and is the fifth asset in this portfolio, giving us a fantastic opportunity to show that alternative housing can support positive regeneration in central London and play its part in alleviating the UK’s housing shortage.”
The Elephant Park regeneration project, a joint venture between Lendlease and Southwark Council, has already delivered nearly 3,000 homes. This includes affordable, build-to-rent and market sale and a two-acre public park.
Angela Brennan, development management executive director for Lendlease, said: “At Elephant Park we’ve been working in partnership with Southwark Council to deliver a major regeneration of the area for over a decade.
“The transformation of this plot will complete our vision of a vibrant mixed-use destination that benefits the existing Elephant and Castle community as well as new residents and visitors.
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