Private equity real estate investment manager Meyer Bergman and the Chinese owner of London's Leadenhall building skyscraper - known as the ‘cheesegrater’ - have founded a joint venture (JV) to regenerate a department store in London's west end.
The 50:50 JV between Bergman and developer CC Land will invest €466 mln into redeveloping the asset named Whiteleys into a 102,193 m2 mixed-use development, as part of a regeneration scheme worth more than €1 bn. CC Land is set to contribute €212 mln to the venture.
When the project completes in 2023, the 108-year-old building is set to feature 153 apartments, an upscale hotel, shopping centre. cinema, restaurants and a gym.
‘Whiteleys represents an incredibly compelling proposition with the restoration of an iconic heritage asset,' said Dr Dickie Wong, deputy chairman and executive director of CC Land.
‘The development will deliver a unique blend of residential, retail and hotel uses in an undervalued, yet prime central location that provides the opportunity for a material shift in both capital and rental value.’
Meyer Bergman acquired Whiteleys department store for €134 mln in 2014.