Cadillac Fairview returns to UK with White City Place buy
Cadillac Fairview has sealed a deal to buy into the White City Place development from Stanhope AIMCo and Mitsui Fudosan for around £250m, in a deal that values the project at £950m.
The transaction, which sees Cadillac Fairview re-enter the UK market after a six-year hiatus, excludes the Gateway development site. Stanhope will asset manage the site for Cadillac Fairview.
EG revealed in March that Cadillac Fairview was a frontrunner for the site. Other names linked to the sale included GIC, Hong Kong’s Peterson Group and Great Portland Estates.
Cadillac Fairview has sealed a deal to buy into the White City Place development from Stanhope AIMCo and Mitsui Fudosan for around £250m, in a deal that values the project at £950m.
The transaction, which sees Cadillac Fairview re-enter the UK market after a six-year hiatus, excludes the Gateway development site. Stanhope will asset manage the site for Cadillac Fairview.
EG revealed in March that Cadillac Fairview was a frontrunner for the site. Other names linked to the sale included GIC, Hong Kong’s Peterson Group and Great Portland Estates.
A spokesman for Cadillac Fairview said: “CF fully believes in the long-term vision for White City’s continued evolution as a knowledge and innovation hub, with premiere leisure, retail and living choices, and we look forward to what the next 20 years has in store for this dynamic district.”
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David Camp, chief executive of Stanhope, said: “Together with Mitsui Fudosan and AIMCo we have, over the last five years, made significant progress in revitalising White City Place to become a hub for life sciences, innovation and research, alongside the new Imperial College White City Campus.”
The site is part of a £8bn, 110-acre regeneration of the White City area, designated a development opportunity area by Hammersmith and Fulham Council.
Eastdil Secured and Macfarlanes acted for the vendors, while Cushman & Wakefield and Linklaters acted for Cadillac Fairview.
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