x Abu Dhabi, UAETuesday 25 July 2017

Canary Wharf Group and Qatari Diar win deal to redevelop Shell Centre

Canary Wharf Group and Qatari Diar will redevelop the Shell Centre in London under a £300m contract, with each company contributing £150m.

LONDON // The UK developer Canary Wharf Group and Qatari Diar said on Thursday they had won a £300 million (Dh1.8bn) deal to redevelop the Shell Centre in London.

The companies would each contribute £150 million to develop a 5.25-acre office, residential and retail scheme around a 27-storey tower that contains Royal Dutch Shell's RDSa.L London headquarters and which the oil major will still own.

Shell would also take a 210,000 square feet pre-let of one of the new office buildings to be constructed on the site, which is near the London Eye tourism attraction on the south bank of the River Thames.

Canary Wharf Group is majority owned by Songbird Estates .

The development, which is subject to planning permission, would be Canary Wharf Group's fourth project away from the financial district that carries its name in east London.

It is also developing the skyscraper known as the Walkie-Talkie with Land Securities in the City.

"Discussions will now commence with local planning authorities and relevant stakeholders to establish planning consent, detailed designs and a timetable for construction for a project that will re-energise an important section of the South Bank," Canary Wharf said in a statement.

* Reuters