Transactions - AUGUST 23, 2016

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Foreign investors to construct £645m London tower

by Andrea Waitrovich

Dubai-based developer Damac International has hired Australian property construction and development company Lend Lease to build a residential tower in London. The property is located next to Vauxhall station in the Nine Elms regeneration area overlooking the south bank of the River Thames.

It is Damac Group’s first major international development outside of the Middle East. The development value of the project is approximately £645 million ($851 million) and Lend Lease’s contract is worth approximately £200 million ($264 million).

Aykon London One will be one of London’s tallest residential towers at 50 stories when completed in 2020 It will comprise 450 residential units; approximately 90 units will be set aside as affordable homes. Damac said the first phase of the Aykon London One project, which comprised about 40 percent of the total units available, had been acquired. Lend Lease will work with Versace Homes for the tower&rsq

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