Canary Wharf Group Plc and Qatar’s sovereign-wealth fund plan to build as many as 790 homes at the site of Royal Dutch Shell Plc (RDSA)’s London headquarters to gain from surging prices and rising rents in the U.K. capital.
Canary Wharf, which controls the financial district of the same name, and a unit of the fund will spend more than 1 billion pounds ($1.6 billion), including land purchased last year, to develop eight buildings on the south bank of the River Thames. Six of the buildings, including a 37-story tower, will be residential properties, John Pagano, Canary Wharf’s managing director of development, said in an interview.
“Our aim is to enhance an area in need of a renaissance,” Mohammed bin Ali Al Hedfa, chief executive officer of Qatari Diar Real Estate Investment Co., said in a statement today. “We are confident that our proposed development will put a reinvigorated South Bank at its rightful place at the capital’s heart.
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