Iconic London marina acquired for £395 million
City Developments Limited (CDL) has acquired St Katharine Docks in Central London for £395 million.
Opened in 1828, the 23-acre freehold mixed-use estate fronting the River Thames comprises a 185-berth marina for vessels up to 40m long in three basins, plus Grade A office space, F&B, retail and residential facilities arranged across four main buildings and supporting ancillary spaces. Since 2011, the estate has undergone a £69.5 million repositioning and refurbishment programme, including renovation of the London marina in 2017, and attracts over 5.9 million visitors annually.
Located in the heart of London near the financial district, St Katharine Docks enjoys excellent connectivity to transport networks, and the unique riverside estate offers scenic views overlooking the Tower of London, a UNESCO World Heritage site, and the iconic Tower Bridge.
The office component, housed in four main buildings, currently enjoys a strong occupancy rate of 90% with a well-diversified tenant base across sectors such as consulting, shipping, education and co-working spaces, which accounts for around 92% of the estate’s income.
Mr Sherman Kwek, CDL Group Chief Executive Officer, said:
“This latest acquisition of the sizeable St Katharine Docks freehold estate, one of London’s trophy landmarks, increases CDL’s total commercial assets in the UK to around £1 billion and enhances our recurring income stream.
“It complements our fund management strategy, providing us with the option to inject our UK assets into listed or unlisted platforms at an opportune time. In addition, there are ample asset management opportunities for us to demonstrate our ability to enhance value and improve operational efficiency.”
CDL, based in Singapore, owns and manages a portfolio of residential and investment properties, plus hotels, in 104 locations in 29 countries and regions.
The acquisition of the London marina site is funded through CDL’s internal cash resources and credit facilities, and was advised by Blackstone.
The acquisition of the landmark St Katharine Docks estate adds to the Group’s portfolio of prime commercial assets in the UK, bringing its total valuation to around £1 billion.