Pan-European investor, developer and asset manager Art-Invest Real Estate (AIRE), which focuses on Germany, Austria and the UK, has revealed plans to develop as much as 1 million ft2 (92,900 m2) of offices on a newly acquired Docklands site in east London.
Financial details have not been disclosed.
AIRE recently picked up the 4.5 acre (18,200 m2) Canada Water Dock from Notting Hill Genesis housing association and Sellar Property Group – which had originally planned a predominantly residential scheme for the site.
AIRE UK’s managing partner, Ali Abbas, said: 'Canada Water Dock is a key strategic acquisition for us and further consolidates our long-term commitment to the UK and in particular, the London market.
'At Canada Water Dock, our vision is to build on the positive legacy of the site by creating a dynamic workplace environment which complements Southwark Council’s Canada Water masterplan and also the neighbouring British Land scheme.'
AIRE has retained Sellar Property Group as a co-development manager. The project is Art-Invest Real Estate’s second in London since it established its UK operation last year, inking a maiden deal downtown in partnership with ECE.
Its £190 mln development at Cleveland Street in London’s West End which will create 88 luxury apartments, 35,000 ft2 of commercial space and 15 affordable housing units is currently under construction and is scheduled for completion next year.
Abbas added: 'Our business culture is underpinned on working in partnership to combine our capability and development expertise to create value for multiple stakeholders. Given its expertise, relationships with local stakeholders and long-term involvement with the site, we’re pleased to be collaborating with Sellar Property Group on this project and look forward to progressing a superb scheme together.'
Said AIRE CEO, Markus Wiedenmann: 'The development has the potential to create a new focal point for business in London that provides excellent workplaces with best-in-class health, air and wellbeing credentials in a waterside setting.'
