Vanke buys stake in $1.2b London project
China Vanke Co. has entered the U.K. commercial real estate sector, buying a 20 percent stake in a London development project.
British media reports Vanke acquired a stake in the £750 million ($1.2 billion) development known as The Stage, located in northern London’s Shoreditch.
The sales price was approximately £30 million ($46.41 million). The sellers were Cain Hoy Enterprises, McCourt Global, Galliard Homes and Investec Structured Property Finance.
The Stage comprises a 40-story tower with 385 apartments on a 2.3-acre site.
Vanke, a leading developer in China, started its overseas expansion in 2013. In February 2013, Vanke formed a joint venture with Tishman Speyer Properties, which was building two luxury condominium towers in San Francisco. And in 2014, Vanke teamed up with RFR Holding and Hines to develop and market a new high-end residential building in New York City.