City Developments Ltd Finalises its Deal and Acquires St Katharine Docks Offices
City Developments Ltd, the Singaporean multinational real estate company, has finalised its purchase of the St Katharine Docks marina and office complex on the eastern edge of the City of London, close to the financial district. The purchase marks one of the biggest new London office deals since interest rates jumped to an all-time high last summer.
CDL has acquired the marina and offices for £395M for the 515K SF scheme, which is significantly less than the £435M Blackstone intended to sell the building for in 2018.
St Katharine Docks is 10 acres and offers a 160-berth marina. It is the only marina in central London, comprising 445K SF of offices, 70K SF of shops, restaurants, and bars.
Blackstone purchased the asset with its deal when taking Nick Leslau’s Max Property private in 2014. It was acquired for £448M for the business, and this included other London offices and a large industrial portfolio. The vacant spaces in the office have been leased with tenants such as WeWork and the New College of Humanities.
The purchase brings CDL's UK portfolio to more than £1B, the company has reported.
