Carlyle Group LP (CG:US), the second-biggest private-equity firm by assets, won local-government approval to develop offices, shops and apartments in nine buildings on the south bank of the River Thames opposite St. Paul’s Cathedral.
London’s Southwark Borough Council granted permission today for the project, which includes 489 apartments, about 45,000 square meters (485,000 square feet) of offices and 2,581 square meters of shops next to the Tate Modern art gallery. The plan, outlined in filings by affiliates of Washington-based Carlyle, includes a 170-meter (558-foot) tall residential tower.
The South Bank area is home to some of the city’s most high-profile real estate developments, including a plan to redevelop the site of Royal Dutch Shell Plc’s London headquarters. There are 27 projects under way on the south side of the River Thames that will produce 16,300 homes during a 10-year period, broker CBRE Group Inc. (CBG:US) said in a report last month.
Dalian Wanda Group, the Chinese developer controlled by billionaire Wang Jianlin, is spending 700 million pounds on a 62-story luxury hotel and apartment building in Vauxhall, about two miles upriver from Carlyle’s project.
To contact the reporter on this story: Patrick Gower in London at email@example.com
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org