Sydney-headquartered Lendlease and US private equity group Starwood are reported to have acquired the development rights for the £3.5 bn (€4 bn) Silvertown Quays scheme in London's Royal Docks, replacing the existing Silvertown Partnership consortium of Chelsfield Properties, First Base and Macquarie Capital.
The ambitious redevelopment project is set to add offices and around 3,500 residential units to the 62-acre (25 ha) former brownfield site between Canary Wharf and London City Airport.
According to media reports, Lendlease's European arm will take over as development manager from First Base.
The site was put up for sale in 2012 by the Greater London Authority (GLA).
'We are very proud of the success of The Silvertown Partnership in unlocking the potential of Silvertown to deliver much needed homes; including affordable homes and thousands of jobs for Londoners,' said a Silvertown Partnership spokesperson.
In April, rival bidder Essel Group, from India, announced it was in talks to take over the site redevelopment in partnership with HPW Architects and Mace. However, a deal for its proposal, which included a major new cultural centre for the site, was not concluded.