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China’s largest residential real estate developer Vanke, who is renowned for developing, managing and selling residential properties across more than 60 mainland Chinese cities in the Pearl River Delta, Yangtze River Delta and Bohai-Rim Region, is due to make its debut investment in Europe. Vanke has already expanded to the United States, Hong Kong and Singapore and hopes to secure a hold in Europe with its 20% stake in the £750 million ‘The Stage’ development in Shoreditch.
Vanke, who has over $79 billion of assets is entering into a joint venture with Cain Hoy Enterprises, McCourt Global, Galliard Homes and Investec Structured Property Finance. The Shoreditch site is 2.3 acres and was purchased by Galliard Homes and Cain Hoy for £150 million from the Bard family. Vanke has paid £30 million for its stake.
The Stage comprises a 40 storey tower is arranged around a series of public spaces, which connect across and link it with Great Eastern Street. Initial archaeological investigations have revealed the remains of ‘The Curtain Theatre’ on the site which will be sensitively retained and housed in an onsite museum. The 1.3 acres of public space, shops, cafes, and heritage assets will create a new and vibrant area in Shoreditch. The Stage is a highly sustainable development, the mix of office (257,252 sqft) and residential uses allows the introduction of an energy centre that shares heat and power evenly across the day. The 40 storey residential tower will contain 385 flats.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.