Mitsui Fudosan UK Ltd (‘Mitsui Fudosan’) has confirmed that it has increased its equity share in the first phase of the redevelopment of Television Centre, White City, and now holds a 75 per cent stake with Albert Investment Management Corporation (AIMCo) holding the remaining 25 per cent in the asset. Stanhope retains its ownership in the second phase of the development and remains as development manager for Television Centre.
Mitsui Fudosan and AIMCo, advised by CBRE’s Capital Advisors Team, have agreed a deal with two major Japanese banks, Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation, to provide a total of £350m of development funding.
Mayor of London, Boris Johnson, approved revised plans for the scheme in March. The £1bn first phase of redevelopment will deliver over 1 million square feet of space, including 432 residential units, 550,000 sq ft of office space, together with a gym, cinema, cafes and restaurants and a Soho House club with rooftop pool and 47 room boutique hotel. The opening in 2017 will also coincide with the opening of the second phase of Westfield, including John Lewis opposite and the Imperial West Campus on Wood Lane.
Hideto Yamada, Managing Director of Mitsui Fudosan (UK) Ltd, commented:
“This restructuring deal is a clear testament to our commitment and confidence in Television Centre and delivering an attractive, high quality mixed-use scheme together with our development partner Stanhope. With these elements now in place, demolition is well underway on this exciting regeneration scheme.”
David Camp, Chief Executive of Stanhope plc, said:
“This is a fantastic next step in the regeneration of Television Centre. Mitsui’s extended commitment is a strong endorsement of White City’s position as the new centre of gravity for west London.”
Howard Evans, Head of European Real Estate Finance at Sumitomo Mitsui Trust Bank, said:
“We are extremely pleased to have arranged the financing for this important project, and to be working with such strong partners. This landmark transaction enhances the real estate platform we have successfully re-established in London in the past few years.”
The 14 acre development, designed by RIBA award winning architectural practice Allford Hall Monaghan Morris, will create a total of 950 homes by the end of the second phase, a new Soho House club and hotel, 550,000 sq ft of office space, and other leisure facilities in the first phase. The BBC will also remain at Television Centre, with BBC Worldwide already moved into its new HQ building, and BBC Studios and Post Production set to move into refitted studios in 2017.
