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QIA, Canary Wharf prepare for $1.6bn London development
- Qatar: Sunday, December 16 - 2012 at 01:30
Qatar Investment Authority (QIA) and UK-based Canary Wharf Group have announced plans to build as many as 790 homes at the site of Royal Dutch Shell's London headquarters to gain from surging prices and rising rents in the UK capital, Bloomberg has reported. Qatari Diar Real Estate Investment Co, a unit of the sovereign-wealth fund, and Canary Wharf Group will spend more than £1bn ($1.61bn), including land purchased last year, to develop eight buildings on the south bank of the River Thames. Six of the buildings, including a 37-story tower, will be residential properties, John Pagano, Canary Wharf's managing director of development, said. In July 201, 1Qatari Diar and Canary Wharf said they agreed to buy the 2.12-hectare site for £300m. The companies are seeking to get the planning permission by next June and complete construction of the new Shell building in 2015 or 2016, Pagano said. One of the housing buildings may be kept and used for renting out units, he said.
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