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News Release

London

CHINA’S GREENLAND GROUP acquires the Hertsmere

Their second London residential development site purchase


LONDON & MIPIM, 12 March 2014 - Greenland Group ('Greenland'), the Chinese State Owned property developer has exchanged contracts to buy the Hertsmere development site in Canary Wharf, London.  The transaction, which represents a total investment end value of circa £600 million, is Greenland’s second major London acquisition after they purchased the Ram brewery site earlier this year (their first venture into UK real estate).


Commercial Estates Group ('CEG'), the development manager for the vendor has been promoting a 242m residential tower on the site, with proposals for circa 700 residential units along with ancillary retail, leisure and commercial space.  As one of the few tall tower sites in London, Hertsmere represents an excellent opportunity for Greenland to add a significant landmark to the London skyline.

Greenland is one of the biggest developers in the world with approximately 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 USA.

JLL advised the vendor on the sale of the Hertsmere with James Thomas, Head of residential land at JLL, commenting: "The sale of this exceptional development site continues to highlight the ongoing overseas investor appetite for landmark London residential development projects and provides a great opportunity for both Greenland and the London residential market.”


Nick Lee, Development Project Manager for CEG, said: “The Hertsmere site is a fantastic development opportunity. We’re delighted that Greenland is making this investment and wish them every success in fulfilling the site’s potential.”

Wenhao Qian, General Manager for Greenland Group UK commented: “‘The Greenland Group has put every effort into this very significant project, Hertsmere House. Located in the core area of Canary Wharf with convenient surrounding transportation links, a full range of retail and leisure facilities as well as the 242M landmark luxury residential tower, this project has been designed to appeal to both domestic UK purchasers in London and also worldwide.”​