Transactions - AUGUST 4, 2015

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Qatari Diar venture agrees to sell £550m London offices

by Andrea Waitrovich

A joint venture between Qatari Diar Real Estate Investment Co. and Canary Wharf Group has sold two office buildings in London’s South Bank district to Almacantar SA for more than £550 million ($857 million). The deal is one of the largest deals in London’s South Bank district.

The venture is developing the two-office complex, One and Two Southbank Place, near the Waterloo railway station, which is scheduled to be completed in 2018. The firms purchased the development site in 2001.

The plans are to redevelop the Shell Centre site. Canary Wharf Group and Qatari Diar entered into a 50-50 joint venture, contributing £150 million ($233 million) each to secure the 5.25-acre site on a 999-year lease.

The development will be mixed-use, comprising office, retail and residential space. The well-known 1950s, 27-story tower in the middle of the Shell Centre will be preserved and retained by Shell. Shell has also agreed to lease 210,000 square feet in one of the new of

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