Property investment and development group Minerva has exchanged contracts to sell its Ram Brewery development site in Wandsworth, London, to Greenland Group, the Chinese state owned developer.
The transaction with total investment value of circa GBP600m represents Greenland’s first acquisition in the UK.
The historic Ram Brewery was originally acquired by Minerva in 2006 for redevelopment. The 7.75 acre Ram Brewery development is being sold with outline planning permission for 661 new homes, including a 36 storey landmark tower providing 166 flats and 9,500 sq m of commercial space for new shops, cafes, bars and restaurants, complementing the site’s historic buildings which formed the original Young’s brewery.
Greenland is one of the biggest developers in the world with circa 600 million sq ft of large-scale commercial and residential projects currently under construction in 80 cities throughout China as well as real estate projects in Jeju in South Korea, Pattaya in Thailand, Sydney and Melbourne in Australia and New York and Los Angeles in the US.
Paul Goswell, managing director of Delancey, says: “Since acquiring Minerva two years ago, we have worked hard to comprehensively redesign the original scheme which culminated in planning consent being secured last December. Our strategy had been to implement the scheme ourselves, possibly with a partner, but that changed when Greenland made their unsolicited proposal.
“We are delighted that our efforts to date, together with Greenland’s world class development expertise, will mean that this long awaited scheme finally happens for Wandsworth.”
Wilson Lamont, a partner in the real estate group of Ares Management, adds: “This is a huge vote of confidence for Wandsworth town centre, seeing an investor of this standing commit to delivering our development. We are confident Greenland will make a great success of it and that Wandsworth town centre will be transformed for the better.”