Mitsui Fudosan UK today confirmed that it has increased its equity share in the first phase of the redevelopment of Television Centre, W12 and now holds a 75 per cent stake, with Alberta Investment Management Corporation (AIMCo) holding the remaining 25 per cent in the asset. Stanhope retains its ownership in the second phase of the development and remains as development manager for Television Centre.
Mitsui Fudosan and AIMCo, advised by CBRE’s Capital Advisors Team, have agreed a deal with two major Japanese banks, Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation, to provide a total of £350m of development funding.
Mayor of London Boris Johnson approved revised plans for the scheme in March. The £1bn first phase of redevelopment will deliver over 1 million sq. ft. of space comprising 432 residential units and 550,000 sq. ft. of office space. It will also include a gym, cinema, cafes and restaurants, as well as the Soho House club with rooftop pool and a 47-room boutique hotel. The opening in 2017 will coincide with the expansion of Westfield to include a new John Lewis department store right opposite the site, as well as the Imperial West Campus on Wood Lane.
Hideto Yamada, Managing Director of Mitsui Fudosan (UK) Ltd, commented:
“This restructuring deal is a clear testament to our commitment and confidence in Television Centre and delivering an attractive, high quality mixed-use scheme together with our development partner Stanhope. With these elements now in place, demolition is well underway on this exciting regeneration scheme.”
David Camp, Chief Executive of Stanhope plc, said:
“This is a fantastic next step in the regeneration of Television Centre. Mitsui’s extended commitment is a strong endorsement of White City’s position as the new centre of gravity for west London.”