UK developer Stanhope is teaming up with Mitsui Fudosan of Japan and a Canadian sovereign wealth fund to buy and redevelop the BBC Television Centre in London.
UK developer Stanhope is teaming up with Mitsui Fudosan of Japan and a Canadian sovereign wealth fund to buy and redevelop the BBC Television Centre in London.
The investment volume was not disclosed, but the Royal Bank of Scotland (RBS) has provided a £50 mln (€58 mln) financial package for the transaction.
The development joint venture comprises London-based developer Stanhope, listed Japanese developer Mitsui Fudosan and Alberta Investment Management Corporation (AIMCo).
Stanhope is one of the largest developers active in London, having completed some £10 bn in projects since 1987. It has 930,000 m2 under construction or in the pipeline. The company was selected for the BBC project after a competitive pitch process.
Mitsui Fudosan has €21 bn of assets under management and is active in Asia, the US and Europe. AIMCo is one of Canada's largest institutional investment fund managers, with an investment portfolio of €52 bn.
The RBS financing is for the purchase and development of the BBC centre.
The bank has also created a bespoke package that will take into account rental payments from the BBC. Stanhope will utilise the funding from RBS Corporate to secure planning permission for a mixed development including residential, office and leisure space as well as retaining the BBC presence on the site.
