Dominus, a investor, developer and asset manager in the alternative living and hotels sectors, and Cheyne Capital have acquired London's 65 Fleet Street in a joint venture to redevelop the property.
The partners have ambitious plans for the site to introduce a mix of uses that will add to the life and dynamism of the City of London.
The current plan is for the historic façade onto Fleet Street to be reworked and upgraded with materials and detailing more in keeping with the surroundings. Redevelopment works will also safeguard and celebrate the Grade II-listed Whitefriars Crypt with new access routes and increased visibility.
The development will reuse as much of the building’s fabric as possible.
The transaction represents Dominus’s entry into institutional capital partnerships.
Preet Ahluwalia, principal director at Dominus, said: 'This deal represents a milestone for Fleet Street and the wider City of London. Our expert team has a robust track record for delivering exemplary schemes that create real value for local communities and economies – the site at 65 Fleet Street will be no different.'
He added: 'This is also a significant moment for Dominus, marking the commencement of us partnering with institutional capital to bring forward a development.'
In February, Dominus secured £400 mln (€467m) worth of loans from Cheyne. At the time, Dominus said the two senior loans will provide development finance for two of its purpose-built student accommodation developments in the City of London.
