Carlyle gets approval for real estate development project near Thames River

By Marc Castro

Oct 09, 2013 01:38 PM EDT

The second largest private equity firm in terms of assets, the Carlyle Group, had obtained local government approval to develop nine buidings located on the southern bank of the Thames River across St. Paul's Cathedral. 

The permission was granted by the Southwark Borough Council for the redevelopment of 489 apartments, nearly 450,000 square feet of office space and over 2,500 square meters of shop space located very near the Tate Modern Art Gallery. The approved plan included a 170 meter residential tower as outlined in documents filed by affiliates of the Carlyle Group.

According one of Carlyle Group's managing directors, Mark Harris, "(The location) is currently extremely underutilized from a physical, social, employment as well as cultural perspective. This is a once in a generation opportunity to create a vibrant new destination area, with homes, retail and leisure facilites."

The construction is expected to be completed between 2020 and 2023, according to a statement issued by the Carlyle Group today. The firm would pay GBP65 million pounds or USD104 million for the construction of affordable housing units, which was set as a precondition to the planning approval. 

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