Quatari Diar and Canary Wharf Group Plc, whose London history dates to
the 1500s, are joint-venturing a $1.6 billion (one billion British
pounds) redevelopment of London's South Bank area where the noted Shell
Center Tower will continue to be the centerpiece of the
880,000-square-foot undertaking. Completion is tentatively scheduled for
2019.The project is expected to include 800,000 square feet of office, 80,000 square feet of retail and 790 residences. The developers contracted with Royal Dutch Shell in July 2011 to redevelop the Shell Center site. They each spent 150 million pounds to take the 5.25-acre site on a 999-year lease. Shell remains the site's owner. One British pound equals $1.61 U.S.
Macquarie Betting on Mexico With $1.15 Billion Stake
Macquarie Group of Sydney, Australia, one of the world's biggest commercial real estate investment organizations, has launched a $1.15 billion real estate investment trust on the Mexican stock exchange. Shares were priced at 25 pesos ($1.96). Macquarie Mexico Real Estate Management said the offering raised MXN14.72 billion. One peso equals 7.8 cents U.S.
Macquarie said the REIT, known in Mexico as a Fibra, expects net proceeds of MXN13.57 billion if over-allotments are exercised. The trust will use the money to acquire its initial portfolio of 244 industrial properties spread over 21 cities in 15 Mexican states. The properties had an average occupancy rate of 91% at the end of September.
The properties are being acquired from real estate firms GE Capital Real Estate Mexico and Corporate Properties of the Americas.
