ABP has secured a £425m funding agreement with Thailand’s Charoen Pokphand Group, unlocking the redevelopment of the Royal Albert Docks, E16. Four Chinese banks will also provide £1.2bn.
The state-run Chinese conglomerate CITIC, which bought a stake in the 4.7m sq ft scheme from APG last October, is the lead contractor. Work will now begin next year.
The £1.7bn development was delayed when China Minsheng Investment Group pulled out of an earlier funding deal.
ABP signed a deal with the Greater London Authority in 2013 to develop 35 acres at the Royal Albert Docks. The scheme is to provide 3.3m sq ft of office space, 936,000 sq ft of residential, and 480,000 sq ft of shopping and leisure facilities, and is intended to become London’s third financial district.
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