London marina estate switches hands in £395m deal

The ownership of Central London’s St Katharine Docks has changed hands following City Developments Limited’s (CDL) £395m purchase from investment banking company Blackstone.

Sitting on the River Thames, the 23-acre mixed-use site is home to over 500,000 sq ft of food and beverage, retail, office and residential space as well as Central London’s only marina.

Adjacent to Tower Bridge and the Tower of London, St Katharine Docks is a two-minute walk to Tower Hill Tube Station and a nine-minute riverboat trip to Canary Wharf.

The site has undergone a £69.5m refurbishment programme since 2011, with enhancements to the buildings, marina, and estate. CDL says the site attracts over 5.9 million visitors annually.

Sherman Kwek, CDL chief executive officer, said: “The current uncertainty in the UK has provided us with strategic opportunities to acquire prime assets and expand our portfolio. 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.”