Lendlease and Starwood Capital Group have acquired The Silvertown Partnership from its existing shareholders.
The development in London’s East End, which has 7m sq ft of residential and commercial space, comes with a £3.5bn development value. Located between Canary Wharf and London City Airport, the scheme will also restore the historic Millennium Mills, which is to be turned into a space for start-up businesses.
According to Lendlease, the project will also incorporate restoration of the dock walls and new public spaces, as well as high quality commercial and retail space providing new employment opportunities for the residents of Newham.
Lendlease and Starwood have acquired the site on 50% co-investment basis from the existing shareholders, which include First base, Chelsfield Properties and Macquarie Capital.
Dan Labbad, chief executive of international operations at Lendlease said: “London is universally recognised as one of the world’s most exciting cities. In order to maintain its rich mix of cultures and people, the city must continue to deliver projects like Silvertown Quays.
”Working in partnership, we plan to create a place that’s innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term. These are standards and commitments we apply to all our work and Silvertown Quays is no exception.”