Heron International has sold Heron Plaza, its prime development site on Bishopsgate in the City of London, to UOL Group Limited (‘UOL’) for £97m.
Heron Plaza will be UOL’s first major development in London. UOL is a leading real estate company in Singapore with a diversified portfolio of investment and development properties, hotels and serviced suites. It owns, manages and/or markets over 30 hotels in Asia, Oceania and North America with close to 9,600 rooms in its portfolio under its “Pan Pacific” and PARKROYAL brands.
The Heron Plaza site provides unique planning consent to deliver a luxury new-build hotel and residential development in the City of London. The site has consent for an iconic 43-storey tower, designed by PLP Architecture, comprising approximately 562,000 sq ft gross floor area (340,000 sq ft net area) of 5-star luxury hotel, residential apartments and retail component. UOL will operate the hotel under its flagship “Pan Pacific” hotel brand.
Gerald Ronson, Chief Executive of Heron International, said:
“Heron Plaza is a landmark site in the heart of the City of London, which we have owned for almost 15 years. The demand for the site demonstrated that there is significant international interest in acquiring prime London assets and we are capitalizing on this opportunity. UOL is a very highly regarded experienced real estate investor and developer and I am confident that they will be very happy with this, their first investment in Europe.”
Gwee Lian Kheng, Group Chief Executive of UOL Group, commented:
“We are delighted to have acquired this prime site in London’s central financial district as part of our overseas strategic expansion. We are appreciative of Heron’s management and all the professional consultants involved for their responsiveness and efforts to facilitate the entire acquisition process. We look forward to establishing good rapport with the local community as we embark on the development of this project.”
Heron International was advised by CBRE, Savills and Taylor Wessing. UOL Group was advised by Berwin Leighton Paisner.
Source: UOL Group 14.08.2014