£670m PRS scheme planned for Stratford
Unibail-Rodamco-Westfield has formed a new partnership with a wholly owned subsidiary of the Canadian public pension fund the Public Sector Pension Investment Board (PSP Investments) and Canada’s QuadReal Property Group to deliver a £670m private rental scheme adjacent to its shopping centre in Stratford, E20.
The three have signed a conditional agreement that will see PSP Investments and QuadReal each take a 37.5% share in what will be known as the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.
The partnership will deliver the development and management of what will be one of London’s largest single-site PRS schemes, comprising 1,200 new homes, as well as a residents’ gym, swimming pool, workspace and public areas.
Unibail-Rodamco-Westfield has formed a new partnership with a wholly owned subsidiary of the Canadian public pension fund the Public Sector Pension Investment Board (PSP Investments) and Canada’s QuadReal Property Group to deliver a £670m private rental scheme adjacent to its shopping centre in Stratford, E20.
The three have signed a conditional agreement that will see PSP Investments and QuadReal each take a 37.5% share in what will be known as the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.
The partnership will deliver the development and management of what will be one of London’s largest single-site PRS schemes, comprising 1,200 new homes, as well as a residents’ gym, swimming pool, workspace and public areas.
Construction is set to start in the second quarter of this year and delivery expected post 2023.
Olivier Bossard, group chief development officer at Unibail-Rodamco-Westfield, said: “This new residential quarter in the heart of Stratford City is an example of the group’s strategy to significantly increase the densification of exceptional and highly connected retail destinations by adding offices, residential, hotels and other uses, where relevant. With the Cherry Park Partnership, we are leveraging our unique know-how and joining with strategic capital partners to reinvent city districts.”
Stéphane Jalbert, managing director Europe and Asia Pacific, real estate at PSP Investments, added: “London’s residential sector is chronically undersupplied and Cherry Park supports PSP’s broader long-term sectorial strategy to develop professionally managed residential assets alongside best-in-class investment partners. Once completed, this will be one of central London’s largest residential rental schemes and will offer future residents an incredible level of connectivity in an exciting and unique mixed-use location.”
Jay Kwan, head of Europe, international real estate, QuadReal, said: “This partnership fits squarely into our investment strategy to densify successful retail destinations alongside world-class development and operating partners. We are excited to launch this new relationship with Unibail-Rodamco-Westfield whilst extending our long-standing and successful relationship with PSP.”
CBRE advised PSP Investments.
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