Almacantar has completed the forward purchase of two important office developments at One and Two Southbank Place from Braeburn Estates (a joint venture between Canary Wharf and Qatari Diar).
The transaction at over £550 million is the largest property deal ever completed on London’s South Bank.
One and Two Southbank Place will provide 572,616 sq. ft of Grade A office space in two buildings when completed in 2018.
The buildings form part of the 1.5m sq. ft. Southbank Place redevelopment being undertaken by Braeburn Estates, which occupies a prime five and half acre site on the south side of the River Thames, opposite Whitehall and the Houses of Parliament. One and Two Southbank Place are adjacent to London Waterloo station, which is London’s busiest mainline station serving more than 98 million passengers each year.
One Southbank Place will be a new landmark headquarters for Shell International’s downstream business. It is fully pre-let to Shell for 20 years and consists of 272,938 sq. ft of office space and two retail units on the ground floor.
Two Southbank place is a 297,678 sq. ft. speculative office and retail development that Almacantar will market and lease to occupiers. The office accommodation will have five winter gardens, a roof terrace and entertaining space with panoramic views over the River Thames. It will be ready for occupation during 2018.
Canary Wharf and Qatari Diar will have full responsibility for the construction and delivery of the buildings.
The acquisition is being financed through a loan facility from Cain Hoy, the private investment company.
Mike Hussey, Chief Executive of Almacantar, said: “One and Two Southbank Place is a worthy addition to our portfolio of high quality assets. We feel that the area around Waterloo Station has the potential to grow into one of the best mixed use destinations in London and we are excited to be working with Shell and Braeburn in overseeing the transformation of the area.”