Pavilion D at NEO Bankside acquired for private rented sector investment with backing from Lloyds Banking Group
Native Land, Grosvenor and Amcorp Properties of Malaysia have today confirmed the acquisition of Pavilion D at NEO Bankside as a rental investment.
A price of £50m has been agreed by Native Land, Grosvenor and Amcorp Properties of Malaysia for Pavilion D, backed by a £27.5m loan facility from Lloyds Banking Group.
Pavilion D, a 53 apartment building, will offer studio, 1, 2 and 3 bedroom apartments for rent ranging from £425 per week to £2,875 per week. The purchase is due for completion in August 2012.
Commenting on the acquisition, Alasdair Nicholls, Chief Executive of Native Land said: "Our decision to retain a longer term investment in NEO Bankside through this acquisition, reflects our strong belief in the future of the rental market in prime London locations. This also underlines the appeal of our developments as long term real estate investments and we are keen to share the benefits that our investors in Pavilions A, B and C enjoy. The quality, broad appeal and success of NEO Bankside can be measured by the interest we have received from investors and owneroccupiers alike, and the significant number of sales completed to date."
Craig McWilliam, Executive Director at Grosvenor added: “The ongoing strength of the London rental market, particularly for well designed schemes in prime locations, creates an attractive investment proposition. NEO Bankside has proved to be one of the most sought after schemes in the UK and we are very pleased to be taking advantage of the interest from long term investors in this project and growth in the attractiveness of London’s South Bank as a great place to live and invest”.
A representative at AMPROP said: "The joint venture is a good opportunity for AMPROP Group to venture further into the London property market. The JV will also pave the way for AMPROP Group to partner the UK's credible developers, namely Native Land and Grosvenor Group."
Designed by Rogers Stirk Harbour + Partners and developed by Native Land and Grosvenor, the £400m NEO Bankside development comprises 217 apartments spread across four state-of-the-art pavilions, as well as 11,000 sq ft of retail space in the heart of London’s Cultural Quarter, situated immediately adjacent to Tate Modern. The development has helped create a new prime location in the capital. It has helped further regenerate the area while strengthening the South Bank’s sense of community through new public spaces, shops and leisure facilities.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Native Land was formed by Alasdair Nicholls and Jonathan Mantovani in 2003 and is one of London’s leading residential developers. The company has delivered some of prime central London’s highest quality design led apartment schemes over recent years. Its current portfolio of around 1 million sq ft includes: NEO Bankide; Alpha Place, a 0.8 acre prime residential site located in Chelsea Manor Street, Chelsea; Waldron House, a 13,000 sq ft boutique development in Old Church Street, Chelsea; and a 180,000 sq ft super prime development with Grosvenor at Campden Hill, Holland Park, in the Royal Borough of Kensington and Chelsea. Completed schemes include the award winning Twenty Bishops Square in Spitalfields and one of the capital’s most exclusive addresses, 10 Montrose Place in Belgravia, a development of 18 ultra luxurious Manhattan style apartments.
More information can be found on Native Land at www.native-land.com
Grosvenor is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As at 31 December 2011, the Group had total assets under management of £12.5bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com
Grosvenor Britain & Ireland’s strategy emphasises the creation and management of successful places, with a particular focus on high-end residential and mixed-use. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2011, Grosvenor Britain & Ireland had assets under management of £4.2bn.