Dutch pension investor APG has completed the acquisition of Capital & Counties Properties interests in an Earls Court development site in London for £425m in a joint venture with real estate firm Delancey.
An announcement stated that Transport for London’s interests in the project remain the same and it will work alongside the JV to deliver one of the most important mixed-use developments in London.
Robert-Jan Foortse, head of European property investments at APG, said: “As a long-term responsible pension investor, we are continuously looking for attractive investments in property worldwide that help us realize stable returns for ABP and other pension fund clients we work for.”
He added that the investment in the Earls Court development site in London fits the core of APG’s strategy as it represents an attractive opportunity to gain access to high quality property with promising long-term growth potential.
”As well as being a site of global importance and with great potential, we will be taking great care to ensure that a new vision emerges that is inclusive of the local community and is cutting edge in terms of its positive environmental and social impact, contributing to the quality and sustainability of the area in the interest of the community.” he said.
The Earls Court site comprises more than 25 acres of land that formally housed the Earls Court Exhibition Centres. It sits within the boroughs of Hammersmith & Fulham and Kensington & Chelsea, and comprises London’s largest cleared Zone 1 development site.