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London Developers Seek Funding For £6B Projects As Market Opens Up

HB Reavis' One Waterloo scheme

Two developers with plans for projects that could be worth more than £6B combined have started looking for funding partners to kick-start development.

HB Reavis and British Land have begun conversations with potential investors about selling stakes in projects at Waterloo and Canada Water, respectively, React News reported.

The search for funding for the two schemes was put on the back burner during the worst of the coronavirus pandemic, but both developers now feel confident enough there will be interest in the projects to begin conversations with investors in earnest.

HB Reavis has appointed CBRE and Cushman & Wakefield to find a buyer for a 50% stake in One Waterloo, its 1.3M SF redevelopment of Elizabeth House next to Waterloo station. It is seeking £750M, which will cover half the construction cost of a project that could eventually be worth up to £3B. 

The scheme will comprise 1M SF of offices plus retail and amenity space, and new public areas, including a raised garden promenade.

At Canada Water in south east London, Morgan Stanley is advising British Land on its search for a funding partner, which will see it sell a significant stake, React News said.

Canada Water is a 53-acre site that will include more than 3,000 homes and millions of square feet of offices and other commercial space.