Derwent London And Related Argent Eye Old Street: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Derwent London has formed a partnership with Related Argent to develop a major island regeneration plot at Old Street, centred around the former Moorfields Eye Hospital site.
The developer expects to complete the site acquisition in late 2027 after early studies confirmed potential for a substantial mixed-use campus across the 2.5-acre plot near the Silicon Roundabout.
Under the new partnership, both firms will work toward planning consent for a living-led scheme, including residential, coliving, student accommodation, offices and hotel space.
“Together, we will draw on our collective experience leading complex, mixed-use developments to successfully bring forward this site — propelled by a shared ambition to bring long-term value to London,” Related Argent CEO Tom Goodall said in a statement.
DEALS
Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired Standbrook House on Old Bond Street for £120M.
This is the fund’s second significant investment of the year, following the acquisition of the Sears Retail Park in May.
The mixed-use retail, office and residential building includes two retail units, let to high-end watchmaker Richard Mille and luxury leather and fashion goods brand Tod’s. There are four floors of offices above and two residential apartments.
Chapman Petrie and Hall Lahaise acted for Aberdeen, and the vendor was represented by JLL and CBRE.
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A managed fund of Invesco Real Estate has formed a new £250M joint venture with Logistics Capital Partners for the acquisition and development of the 800K SF logistics site Veridion Park in Thamesmead, London.
The McDermott Will & Schulte private equity real estate team advised Invesco on the joint venture with LCP and the appointment of LCP as asset and development manager.
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Gamuda Land has acquired a site at 14 Marshgate Lane in Stratford, east London, for a new purpose-built student accommodation development. The 321-bed scheme is Gamuda Land UK’s first fully self-developed and -managed PBSA project.
The development is within walking distance of UCL East and the London College of Fashion, and completion is targeted for the academic year 2028-2029.
With Marshgate, Gamuda Land now has a PBSA portfolio of 1,232 beds across London and Glasgow, including Press House, Woolwich, City Wharf, Glasgow and Marshgate Lane, Stratford.
FOR SALE
On behalf of LaSalle Investment Management and Trilogy Real Estate, joint agents Kauffmans and Knight Frank have brought to market The Inventory Estate, a 6-acre London mixed-use campus, for offers above £247.5M.
Available as a whole or in parts, The Inventory includes a group of digital and social infrastructure buildings combining education, data centre capacity and residential/PBSA.
There are two education-led buildings totalling 483K SF, a data centre with 65 megavolt-ampere power reservation secured until 2029, with consent to deliver a 37.8-megawatt multistorey data centre, plus planning consent for two towers, including a 36-storey PBSA building with 716 rooms and a 30-storey residential tower with 150 units.
FUNDING
Australia’s largest superannuation fund, AustralianSuper, has announced the creation of a new UK living platform, with an initial £500M investment.
The new platform will target investments in the UK living sector, with the aim to become one of the top five operators of rental homes in the UK within five years, the company said.
It will target institutional-grade living accommodation, including student, coliving and residential homes, and its first investment is a student housing development in Bristol, with contractors on-site and target completion in 2027.
The focus is on what AustralianSuper identifies as “quality locations in high-demand urban centres and anchored by top research-led universities and high growth industries.”
Its first acquisition is a 450-bed student accommodation development in Bristol with an end value of £120M.
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An affiliate of Värde has provided £35M to refinance one of Amazon’s largest fulfilment centres in the UK. The loan was provided to clients of Knight Frank Investment Management, which acted as asset manager on behalf of the borrower, a Korean investor that has owned the property since 2020.
Located in Dunfermline, Scotland, the logistics centre was purpose-built for Amazon in 2011 and spans approximately 1M SF. The site, which is equipped with advanced robotics, handles the majority of UK returns and is one of the few facilities globally to handle specialist testing for electronics.
Värde was advised by Dentons.
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Specialist real estate finance provider Maslow Capital has provided a £122M development finance facility to Definition Capital for the delivery of a major mixed-use regeneration scheme in Abbey Wood, south-east London.
The financing package underpins a 487-unit coliving scheme, a 110-key hotel and a new pet hospital near Abbey Wood Station. It will comprise four blocks ranging from three to 17 storeys.
DEVELOPMENT
Investec Realis, the equity strategy Investec launched last year, has partnered with UK logistics developer Wrenbridge to speculatively develop urban logistics assets in London and the south-east.
Investec and Wrenbridge have secured three sites: a vacant film studio production warehouse in Greenwich, which will be redeveloped into a circa 40K SF single-let unit, a brownfield site in Cambridge to be redeveloped into a 37K SF midbox logistics unit, and a 47% share in the special purpose vehicle owning the 8-acre Harlow Innovation Park site for a proposed 150K SF industrial- and R&D-focused development.
The schemes will target an energy performance certificate A rating and BREEAM Excellent certification.
This latest partnership complements Realis’ £400M joint venture with Kier Property to develop multilet urban logistics assets across England, which launched earlier this year, the company said.
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Areli Developments has submitted a planning application to Tower Hamlets Council for the redevelopment of 77 Marsh Wall at West India Quay South, adjacent to Canary Wharf.
The proposals will deliver a mixed-rental-tenure scheme comprising 820 residential units situated in a 54-storey tower, designed by architecture practice Patel Taylor.
The residential-led scheme will deliver 820 units, 238 of which will be flexible living, 195 for build-to-rent and 266 for aparthotel accommodation. It will also include circa 7K SF of commercial and community space. The planning application is anticipated to be determined in the first half of 2026.
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Croydon Council has issued final approval for more than 800 new homes in the town centre, following the signing of a Section 106 agreement for Greystar’s One Lansdowne development.
One Lansdowne, at 1-5 Lansdowne Road and 30-32 Wellesley Road, has been brought forward by Greystar and will transform a long-vacant site near East Croydon station into a mixed-use community.
The scheme will deliver 806 new build-to-rent homes, including 116 affordable homes and 92 three-bedroom family homes, alongside coworking space, shops and new public areas.
PEOPLE
Barratt London has announced three appointments to form a new leadership team under Mark Bailey, London and Southern’s regional managing director at Barratt Redrow.
Craig Carson has been promoted to regional director of Barratt London, heading up the west London division. Paul Muldowney has been appointed as managing director, while Danny Masters has been promoted to operations director for Barratt east London.
