Mitsui Fudosan UK has today confirmed that it has increased its equity share in the first phase of the redevelopment of Television Centre in White City, west London.
Mitsui Fudosan now holds a 75 per cent stake in the asset, with Albert Investment Management Corporation (AIMCo) holding the remaining 25 per cent.
The joint stake holders have agreed a deal with two Japanese Banks, Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation, who will now provide £350 million in development funding. Stanhope retains its ownership of the second phase of the scheme and will continue to act as development manager.
The £1 billion first phase of the scheme was approved by the Mayor of London, Boris Johnson, in March. It will deliver 550,000 sq ft of office space, along with cafés, restaurants, a gym, cinema, boutique hotel and a Soho House club complete with rooftop pool. In addition the development will provide 432 residential units.
Hideto Yamada, Managing Director of Mitsui Fudosan UK, said: “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.”
Stanhope Chief Executive, David Camp commented: “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 a new centre of gravity for west London.”
Howard Evans, Head of European Real Estate Finance at Sumitomo Mitsui Trust Bank, expressed their pleasure in arranging the financing for the deal and praised the partners involved.
“This landmark transaction enhances the real estate platform we have successfully re-established in London in the past few years,” he added.
The 14 acre development has been designed by RIBA award winning architects Allford Hall Monaghan Morris and is scheduled to be completed in 2017.
The BBC will remain at Television centre, with BBC Worldwide already in its new building. BBC Studios and Post production are set to move into refitted studios in 2017.
Last week Mitsui and Stanhope completed the £87 million purchase of the BBC’s Media Village which will now be known as White City Place.
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