Amcorp Properties to co-develop RM5.5b GDV property in London

PETALING JAYA: Amcorp Properties Bhd has entered into a joint venture with Temasek, Hotel Properties Ltd and UK developer, Native Land to jointly develop Sampson House and Ludgate House property in London's South Bank, along River Thames into a mixed development with a gross development value of RM5.5 billion.
Amcorp Properties participation is through a 30% stake in Bankside Quarter (Jersey) Ltd, a special purpose vehicle (SPV). Temasek and HPL will own 30% each in the SPV while Native Land will own the remaining 10%.
The property was acquired for RM1.69 billion and is to be developed into a residential led mix development with offices, retail and leisure facilities.
"This joint venture will further expand Amcorp Properties' property portfolio in prime central London and is consistent with our plans to move into key international property markets via strategic partnerships," said its managing director Ben Lee.
The property is a 5.3 acres site on the South Bank along River Thames and is located in close proximity to the Blackfriars Station and Tate Modern.
The site has been identified as an 'opportunity area' in the Mayor of London's London Plan and was granted planning permission in March 2014.
Amcorp Properties made its debut into London with the acquisition of, 40/50 Eastbourne Terrace, a prime freehold office building in Paddington, central London.
Following this, the group embarked on property projects in prime central London including 99 Baker Street, Pavilion D of NEO Bankside, Burlington Gate in Mayfair, 4B Merchant Square in Paddington and Campden Hill in Kensington.