An international consortium led by Native Land and comprising Singapore's Temasek and Hotel Properties Limited and Malaysia's Amcorp Properties Berhad have formed a joint venture to acquire Sampson House and Ludgate House from The Carlyle Group, for which contracts have been exchanged.
The transaction will result in the creation of an iconic new Bankside Quarter - a 1.4 million square foot residential, office and retail development. Planning consent for the 5.3 acre site has been secured for 489 residential units and 280,000 square feet of office space, together with retail, leisure and cultural facilities.
Chief Executive of Native Land, Alasdair Nicholls, commented on behalf of the consortium:
"The development of the Bankside Quarter will set the seal on London's finest emerging location. The consortium which has been assembled to deliver the project represents the best in international development and funding expertise. We are confident that we can deliver a major new destination for London, adding to the strong foundations already laid in the Bankside area."