London—A major component of London’s One Nine Elms redevelopment project recently traded hands when original developer, Green Property, sold its development site to a Chinese conglomerate for a reported $140 million. Dalian Wanda, the new owner of the development site is now set to take over the reins of a project that currently has approvals in place for two high-rise buildings with 43 and 58 stories. The existing development plan calls for a 672-foot residential tower, making it the tallest residential tower in Europe.
Irish developer Green Property had acquired the portion of the One Nine Elms redevelopment site from Allied Irish Banks back in 2008. According to The Irish Times, AIB retained a carried interest in the project and will now also cash in on the increase in value that the property has experienced during the past five years. The project was then part of a deal that included assets worth in excess of $1 billion.
Now Dalian Wanda Group is set to invest a tremendous amount of money to get the two buildings to the London skyline. The Wang Jianlin-controlled conglomerate is set to inject around $1.1 billion in the development.
The new developer is now set to develop a 160-key hotel on the site, the first foray of the Wanda hotel brand in a foreign market. According to WorldPropertyChannel.com, the new owner of the development site has the full backing of Boris Johnson, the Mayor of London. Dalian Wanda is entering a massive redevelopment process with this purchase. One Nine Elms is the regeneration project for the Market Towers site. The plan would call for 1.13 million square feet of mixed-use developments to take shape in the London Borough of Wandsworth, a current hotbed for redevelopment projects.