UK real estate asset management and development company Quadrant has teamed up with Canadian institutional investor AIMCo (Alberta Investment Management Corporation) to acquire a central London office development site on the north-west corner of the Nine Elms Park in Battersea.
The 12-storey, 140,000 sq ft (13,000 m2) office building, for which Royal Mail secured planning consent, has a gross development value of around £150 mln (€164 mln) and will target BREEAM Outstanding, Wired Platinum and Well Platinum-enabled.
Located on the site of the former mail centre, which ceased operations in 2012, the entire Nine Elms Park area spans 14 acres, of which 8.35 acres are developable in line with the outline planning consent granted by the London Borough of Wandsworth.
The deal is expected to complete in December 2020 with construction works due to start in 2021.
‘Closing this deal with a new investment partner is an exceptional achievement and highlights our continued confidence in the future of the office here in London,’ commented Tristram Gethin, founding partner at Quadrant.
Accord Europe served as Quadrant’s exclusive capital advisor in connection with this transaction.
