Cadillac Fairview buys 25% stake in Stanhope
This consolidates a successful and expanding partnership between Cadillac Fairview and Stanhope in delivering life sciences and workspace projects in the UK, together with broader masterplans. The partners are already working together on three life sciences projects – Oxford North, Cambridge Science Park and White City Place.
In April this year, a joint venture between Cadillac Fairview and Stanhope bought 70 Gracechurch Street, a prime office building situated in the City of London, which has planning consent for a 34-storey tower and 600,000 sq ft development.
Cadillac Fairview joins Mitsui Fudosan and AIMCo as shareholders in Stanhope who between them now own 80% of the company, leaving David Camp and others in the management team with a 20% shareholding.
Stanhope will continue to be management run providing development management services to a wide range of key clients and David Camp will remain as Chief Executive.
Jenny Hammarlund, Head of Europe and Managing Director at Cadillac Fairview said:
David Camp, Chief Executive of Stanhope said:
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Leading UK developer Stanhope PLC and the Woolgate Exchange Unit Trust (WEUT) are moving forward plans for a full refurbishment of Woolgate Exchange, after receiving official planning consent from The City of London Corporation following the successful completion of their Section 106 agreements.
The Gateway Central and Gateway West buildings at the White City Place business campus in west London are now completed and currently being marketed to prospective tenants by Stanhope, on behalf of Mitsui Fudosan and AIMCo and some of its clients.
Trading firm Mitsui Bussan Commodities has signed a 10-year lease for the entire first floor of Warwick Court building at Paternoster Square, totalling 25,300 sq ft, with owner Mitsubishi Estate London.