Chinese developer sells Vauxhall Square site to Hong Kong rival | News

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R&F Properties is selling its Vauxhall Square site in London to its Hong Kong competitor Far East Consortium International.

The plot of land in Vauxhall was sold for £95.7million at a discount of around 42% to market value, R&F said in a statement to the Hong Kong Stock Exchange.

The 1.43m² program is expected to include residential, hotel, office, retail and leisure space.

R&F will sell Vauxhall Square, established by Allies and Morrison, for a nominal fee of £1, transferring £95.7 million of its debt to the Far East, under the terms of their agreement.

Developers in mainland China are under pressure to cut debt and last month it was revealed that Multiplex did not expect to be operational again at its blocked £1bn One Nine Elms site in London until in May, while a payment issue with R&F is resolved. It is understood that the contractor owes more than £50million.

The Battersea scheme, which is to build two 42- and 58-storey residential towers, normally has around 1,200 people at work, but that has more than halved to less than 500 since the end of last month while Multiplex and R&F work to settle a deal.

Speaking of Vauxhall Square, FEC Development Manager John Connolly said: ‘The site has so much potential, and I’m confident we can apply our expertise and experience to deliver a space that meets the needs of residents. local and new. .”

Current FEC projects include the 63-storey Consort Place in Canary Wharf and the refurbishment of Hornsey Town Hall in Crouch End, North London, which is being carried out by Ardmore to a design developed by Make.

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