Unibail-Rodamco-Westfield partners with PSP, QuadReal for London PRS scheme

WCN Editorial Team 20 Mar 2019 EUROPE BUILDINGS

Unibail-Rodamco-Westfield of France has signed an agreement with a subsidiary of Public Sector Pension Investment Board (PSP Investments) of Canada and QuadReal Property Group (QuadReal) to form Cherry Park Partnership for the development and management of a €750m (£670m) private rented sector (PRS) scheme in London.

The scheme, Cherry Park, to be located adjacent to Westfield Stratford City, will be one of London’s largest single-site PRS schemes.

PSP Investments and QuadReal will each acquire a 37.5% stake in the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.

Unibail-Rodamco-Westfield group chief development officer Olivier Bossard said: “This new residential quarter in the heart of Stratford City is an example of the Group’s strategy to significantly increase the densification of exceptional and highly connected retail destinations by adding offices, residential, hotels and other uses, where relevant.

“With the Cherry Park Partnership, we are leveraging our unique know-how and joining with strategic capital partners to reinvent city districts.”

Construction is set to start in the second quarter of 2019 and be completed in phases. The scheme is expected to be delivered post-2023.

The Cherry Park development will feature 1,200 new homes, which will benefit from a suite of amenities, including a residents’ gym, a swimming pool, workspace and public areas.

PSP Investments real estate managing director of Europe and Asia Pacific Stéphane Jalbert said: “London’s residential sector is chronically undersupplied and Cherry Park supports PSP’s broader long-term sectorial strategy to develop professionally managed residential assets alongside best-in-class investment partners.

“Once completed, this will be one of central London’s largest residential rental schemes and will offer future residents an incredible level of connectivity in an exciting and unique mixed-use location.”

Completion of the formation of the Cherry Park Partnership is subject to customary conditions.

QuadReal international real estate head of Europe Jay Kwan said: “This Partnership fits squarely into our investment strategy to densify successful retail destinations alongside world-class development and operating partners.

“We are excited to launch this new relationship with Unibail-Rodamco-Westfield whilst extending our long-standing and successful relationship with PSP.”

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Image: Rendering of Cherry Park private rented sector residential scheme in London. Photo: Courtesy of QuadReal Property Group Limited Partnership.

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