Real estate developer ABP China has signed a £1 bn (€1.1 bn) deal to transform the Royal Albert Docks into the capital’s next business district.
Real estate developer ABP China has signed a £1 bn (€1.1 bn) deal to transform the Royal Albert Docks into the capital’s next business district.
International law firm Pinsent Masons advised ABP China on the agreement with the Greater London Authority (GLA).
Under the terms of the deal, the 14-hectare site situated in the heart of the Royal Docks Enterprise Zone will be transformed into a gateway for Asian and Chinese businesses seeking to establish headquarters in Europe as well as other firms wishing to set up in London.
When complete, the site will become London’s third business district and create 20,000 full-time jobs. The end-value of the development is estiamted at £1 bn.
The deal represents one of the first direct investments by a Chinese developer in London’s property market and will eventually be home to over 300,000 m2 of work, retail and leisure space, including 230,000 m2 of offices, creating what the scheme's backers describe as a 'new, vibrant 24.7 district on London’s waterways'.
It will be the largest development of its kind in the UK, acting as a platform for financial, high-tech and knowledge-driven industries looking to establish and drive forward their business in the UK and European markets.
Mayor of London Boris Johnson said: 'For centuries the waterways of east London were the throbbing arteries of UK trade and commerce. This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st century centre of trade and investment. Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy.'
