Singapore backs UK as nation’s sovereign wealth fund places £700m into London properties
Singapore has ploughed practically £700million into London properties in a vote of confidence within the capital.
The nation’s sovereign wealth fund GIC has bought a 75 per cent stake within the Paddington Central growth from British Land for £694million.
The deal will see the FTSE 100-listed property developer enter a three way partnership with GIC.
Land seize: Singapore’s sovereign wealth fund GIC has bought a 75% stake within the Paddington Central growth (pictured) from British Land for £694m
British Land purchased the mixed-used Paddington Central campus for £470million in 2013.
It has predominantly workplace areas in addition to some retail and leisure properties, housing corporations similar to Microsoft, Visa and Prudential.
The property developer added that two properties throughout the campus, The Novotel at 3 Kingdom Road and the event web site at 5 Kingdom Road, are usually not at the moment a part of the three way partnership.
British Land, which traces its historical past again to the 1850s, owns an enormous portfolio of properties that features swathes of the Metropolis of London, the Meadowhall buying centre in Sheffield and campuses in mixed-use areas which have workplaces, retail, leisure and outside areas.
Chief government Simon Carter stated: ‘Paddington has been an excellent investment for British Land and this transaction is a great illustration of our strategy in action.’
Final month British Land pressed forward with plans to ship an city centre for London at Canada Water.
It bought 50 per cent of its shares within the Canada Water Masterplan to pension fund AustralianSuper for £290million.
British Land and AustralianSuper, which has greater than £140billion in member property below administration, fashioned a 50:50 three way partnership to embark upon what they described as ‘one of the largest and most sustainable London regeneration projects in history’.
British Land shares fell 1.9 per cent.