Hong Kong-based investor Peterson Group has made its UK debut with a £121m forward-funding deal for Resolution Property’s Quadrangle scheme in Soho, W1.
The 54-year old company has bought the 80,000 sq ft building at 111-125 Oxford Street and 180 Wardour Street – now known as Ampersand -for a major Darling Associates-designed redevelopment.
It is the first time Peterson has invested in the UK. Its acquisitions activity to date has been in the Far East and Canada.
The site has consent for some 65,000 sq ft of offices and retail space. The building will feature a new entrance on Wardour Street, near the western ticket office of the new Tottenham Court Road Crossrail station.
Robert Wolstenholme, partner of Resolution Property, said: “Peterson is pro-active, with significant ambitions within London and it has been a pleasure working with them to conclude this important funding deal.”
He added: “We look forward to working with them on the Ampersand project, to jointly deliver the type of commercial space London needs to support its creative economy. We hope to be able to extend the relationship to other projects.”
As well as being retained as development and asset manager on the project, Resolution will separately add two floors to the building, to create a number of penthouse apartments, some with 4m-wide roof terraces. The apartments will be retained by Resolution for onward sale once completed.
Resolution instructed DTZ and Hanover Green in October 2012 to source a partner to provide 50% of the cash required for the development.
As revealed by Estates Gazette last month, a Hong Kong party was the frontrunner among a number of competitive bidders, including Deka and Standard Life, vying for the site.
Colliers International advised Peterson Group.
joanna.bourke@estatesgazette.com
