Carlyle plans $3.1 billion mixed-use property in London
16 November 2011Private equity firm Carlyle has announced plans for a £2 billion ($3.1 billion) mixed-use property next to the Tate Modern Art Gallery in London.
Carlyle is expected to submit plans for the 1.5 million square feet project. Plans call for more than 1000 flats in several blocks with the tallest rising to 30 storeys. The plans follow Carlyle’s purchase of six properties out of administration for a consideration of £670 million in July 2010. Out of these, two are expected to be demolished on the south bank of River Thames for the proposed development.
The proposals for the development are being drawn by PLP Architects. Apart from the residential component, the development will house 300,000 square feet of offices and 200,000 square feet of shops.
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