Carlyle Group obtains approval for South Bank London project development
US private equity firm Carlyle Group gave the green light for the investment in a major central London real estate project. Abu Dhabi sovereign wealth fund Mubadala Development Company owns 7.5% of the American buyout firm.
The Carlyle Group issued a statement saying that their application to develop a 1.4 million square foot residential and commercial project along the South Bank area of London was recently approved by the Southwark Council's Strategic Planning Committee. The development would comprise of 490 homes as well as create nearly 3,700 jobs. There would also be redevelopments for office, retail as well as cultural areas. The new project would replace the Sampson House data center and the Ludgate House office tower.
The master plan of the project showed that nine new buildings would be built together with a 48 storey residential tower. The development was designed by PLP Architecture and would be delivered in multiple phases between 2020 and 2023. The construction would come after the tenants leases for the Sampson House and Ludgate House expires by 2018 and 2015.