3rd Jun 2015 10:25
LONDON (Alliance News) - Interserve PLC Wednesday said its CI-ONE Construction joint venture with China State Construction Engineering Corp has been named as the preferred bidder by Chinese property developer Dalian Wanda for the GBP550 million One Nine Elms scheme in Battersea in south London.
The pair will handle the construction of the project, which will comprise high-end residential, hotel and retail space and which is part of the wider Nine Elms project, which will include a new embassy for the US, the regeneration of Battersea Power Station and a new business district.
One Nine Elms will include two towers, respectively of 57 and 42 storeys, housing a total of 494 apartments. The larger tower will be among the tallest residential towers in the UK. The pair will also build a 187-room five-star hotel at the base of the River Tower.
Interserve said it expects the work on the project to create around 800 new jobs.
"We look forward to working with Wanda and CSCEC and putting our expertise to use on this prestigious development, one of the largest and most exciting urban regeneration projects in Europe," said Interserve Chief Executive Adrian Ringrose.
Interserve shares were up 1.8% to 632.5 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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