Development Securities has partnered with Canadian real estate investment company Realstar to acquire a vacant East London residential building adjacent to the Olympic Park from Ireland's National Asset Management Agency for £16 mln (EUR 20 mln).
Development Securities has partnered with Canadian real estate investment company Realstar to acquire a vacant East London residential building adjacent to the Olympic Park from Ireland's National Asset Management Agency for £16 mln (EUR 20 mln).
The deal was financed with a senior bank debt provided by RBS.
The residential scheme at Wick Lane, Hackney Wick, comprises 112 units over 116,000 sq ft (11,000 m2) and an additional 12,000 sq ft of retail/employment space. The unoccupied residential apartments will be refurbished and let to create an en bloc rental model.
