3rd Feb 2014 10:35
LONDON (Alliance News) - Development Securities PLC Monday said it has secured GBP38.1 million in funding from Canada Life for its mixed-use development in Abbey Wood, southeast London, with joint venture partner Berkshire Investment Capital.
The funding for Cross Quarter, at an interest rate of 4.4%, will finance the development of an 81,000 square foot foodstore, pre-let to J Sainsbury PLC, which will anchor the GBP85 million mixed-use regeneration scheme.
In addition to the foodstore, Cross Quarter has planning consent for 220 residential apartments and 5,000 square foot of retail and commercial space.
The vacant, industrial site, covering 10-acres, was acquired in April 2011 and lies adjacent to Abbey Wood station which will become the southeast terminus for Crossrail in 2018.
Demolition works on the first phase have commenced ahead of construction starting later this year with a targeted completion in the second quarter 2015.
"Abbey Wood is set to significantly benefit from the arrival of Crossrail and our investment here supports our activities in suburban London locations which are well-connected and positioned for growth," Executive Director Matthew Weiner said in a statement.
"This is an important milestone for Cross Quarter and we look forward to bringing the development to completion," he added.
Development Securities was trading at 237.75 pence per share Monday, down 7.25 pence or 3.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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