Developer Canary Wharf Group (CWG) has struck an £84 million housing deal relating to its Wood Wharf residential scheme in London.
More than 290 homes at the site are to be acquired by the CBRE UK Affordable Housing Fund (AHF) sponsored by CBRE Investment Management.
It follows CWG securing a £535 million development loan for Wood Wharf last year from investment firms Cain International and Starwood Capital Group, at the time thought to be one of the largest sums of its kind in the UK in the preceding 12 months.
CWG’s owners, Brookfield and QIA, recently invested £400 million to advance its pipeline of development in the area.
Property management company Pinnacle Group will oversee the 294 homes sold to CBRE UK AHF.
CWG is also delivering Wood Wharf Phase Three, a 1,308-home private Build-to-Rent (BTR) scheme, thought to be split across three towers and two buildings.
Around 26,300 sq. ft of commercial space is also understood to be included. A new GP surgery and school will also be built.
The (approx.) 3,500-person residential community currently living at Canary Wharf is set to double in size over the next few years.
Wood Wharf is due to be completed in 2027.
“We are delighted to work with CBRE IM to create high quality, affordable homes at Canary Wharf for the benefit of the local community,” said John Mulqueen, CIO at CWG.
“This agreement between CWG and CBRE IM demonstrates the appeal of the residential developments being constructed as part of the vibrant mixed-use neighbourhood CWG has created, with award-winning buildings, world-class amenities and exceptional transport links.”
Was this interesting? Try Construction Wave launches inaugural CFO Summit in London to leading lights in the Built Environment
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.