Knight Dragon, an investment vehicle owned by Hong Kong-based businessman Henry Cheng Kar-Shun, is poised to take full control of the joint venture backing the regeneration of the Greenwich Peninsula in London.
Knight Dragon, an investment vehicle owned by Hong Kong-based businessman Henry Cheng Kar-Shun, is poised to take full control of the joint venture backing the regeneration of the Greenwich Peninsula in London.
Knight Dragon currently holds a 60% interest in Greenwich Peninsula Regeneration Limited (GPRL), with Quintain owning 40%.
The partners have now entered into a conditional agreement under which Knight Dragon will acquire Quintain's stake for £186 mln (€220 mln). In addition, Knight Dragon has agreed to pay Quintain about £44 mln in cash to satisfy a previous contractual agreement. This would bring the total acquisition price to €273 mln.
Once the transaction completes, Quintain will no longer be involved in the Greenwich Peninsula regeneration.
Quintain had acquired its interest in the wider Greenwich Peninsula scheme in 2002, having previously purchased interests at Peninsula Quays. Quintain and its previous joint venture partner, Lend Lease, secured permission for a 1.3 million m2 master plan which provided for the creation of over 10,000 homes, a 325,000 m2 commercial district and 32,000 m2 of retail space along 2.6 kilometres of Thames river frontage.
Knight Dragon replaced Lend Lease as Quintain’s partner in July 2012.
