Starwood buys development on London’s South Bank

U.S. private investment firm Starwood Capital Group has purchased South Bank Central, a London development scheme, for a reported £256 million ($323 million) from Hermes Investment Management and the Canada Pension Plan Investment Board, according to media reports.

Other U.K. assets Starwood has acquired include a portfolio of seven Hilton hotels. In June, it announced a deal alongside the Australian group Lendlease to buy the Silvertown Partnership, which holds development rights to a 50-acre east London site.