UK property firm Great Portland Estates (GPE) and the property arm of oil giant BP's pension fund, Ropemaker Properties, said on Thursday they had formed a 50:50 joint venture to develop a mixed-use project in London. The joint venture, called Great Ropemaker Partnership, has acquired a development site at 240 Blackfriars Road, SE1 from GPE for £20.5mln (EUR 26 mln). Another £2mln is payable if the site is redeveloped and a further £5mln in priority
UK property firm Great Portland Estates (GPE) and the property arm of oil giant BP's pension fund, Ropemaker Properties, said on Thursday they had formed a 50:50 joint venture to develop a mixed-use project in London. The joint venture, called Great Ropemaker Partnership, has acquired a development site at 240 Blackfriars Road, SE1 from GPE for £20.5mln (EUR 26 mln). Another £2mln is payable if the site is redeveloped and a further £5mln in priority
payments will be due if various ‘ performance hurdles’ are met, the companies said. The site was valued at £27.5 mln at end-2007.
The 240 Blackfriars Road site is a proposed 18-storey 20,700 m2 office, retail and residential scheme at the junction of Blackfriars Road and Southwark Street. The existing 3,430 m2 buildings are currently being demolished.
