Ashurst has advised Chinese real estate developer Greenland Holding Group Co. on a $1 billion development in London.
State-owned Greenland has bought a 7.75-acre site in Wandsworth in southwest London from British developer Minerva Ltd. Greenland didn’t disclose the purchase price but said it will spend a total of $1 billion to buy and develop the space. The site, formerly a brewery, will include a 36-story building with 166 apartments and 9,500 square meters of shops and restaurants.
This is Greenland’s first investment in Europe and part of the company’s continued overseas expansion. Greenland said in a statement that it is looking to invest $5 billion to $8 billion in new projects abroad this year, especially in Canada, France and Singapore.
Last week, Greenland broke ground on a $1 billion hotel and residential complex in downtown Los Angeles. In October, the company spent $5 billion for a 70 percent stake in Brooklyn’s Atlantic Yards project to build a 15-tower mixed-use development that includes offices and retail and residential space.
London partners David Jones, Melanie Jordan and Trevor Goode and Shanghai partner Michael Sheng at Ashurst advised Greenland.
Berwin Leighton Paisner advised Minerva.