Qatar becomes part-owner of Elephant & Castle development
The development nearing completion at the corner of New Kent Road and Elephant Road is be part of a new joint venture between Qatari Diar, Delancey and APG.
Qatari Diar Real Estate Investment Company, Delancey's client fund DV4 and the Dutch pension fund asset manager APG have pooled their interests in the East Village at the Olympic Park and at Elephant Road to create a new partnership to develop private rented sector homes.
All of the homes will be managed and leased through Get Living London, the partnership's existing management and letting service.
"This merger between two leading London private rented sector schemes is the first step in what is a much larger endeavour: to significantly increase the supply of new homes in connected and affordable locations in British cities," said Sheikh Jassim Al-Thani of Qatari Diar.
"This ambition lies at the heart of Qatari Diar's vision to create vibrant, sustainable local communities where people aspire to live, work and visit. We are delighted to have forged this important partnership, which we are confident will play a leading and very positive role in the future of the UK's residential investment sector."
Jamie Ritblat, founder and chief executive of Delancey, said: "This merger marks the end of the beginning for our efforts to deliver desperately needed innovation, scale and true customer experience to the UK's residential market."
The merger is subject to regulatory approval.
The partnership's first scheme in Southwark is what is now described by Delancey by the less than catchy title of "the first phase of the Elephant & Castle Town Centre redevelopment".
The scheme has had three working titles in the past ten years: Oakmayne Plaza, Tribeca Square and Elephant One.
Due for completion this autumn, the scheme will incorporate 374 new homes that will be available to rent alongside 272 student housing units across three buildings.
A full-size Sainsbury's supermarket will occupy part of the ground floor.
DV4 and APG also own the Elephant & Castle Shopping Centre – dubbed phase two of the town centre project – but that scheme is not part of this week's announcement.
Qatari Diar is also co-owner of the Shell Centre development – Southbank Place – at Waterloo.
