Canary Wharf Group (‘CWG’) raised £84m through a forward sale of 294 Affordable rent homes to the CBRE UK Affordable Housing Fund (‘AHF’), a fund sponsored by CBRE Investment Management.
The affordable homes are part of CWG’s Wood Wharf residential development due to be completed in 2027. The residential community at Canary Wharf, currently numbering 3,500 people, is set to double in size over the next few years as CWG completes Wood Wharf including a 1,308-home private build-to-rent (BTR) scheme and affordable housing in the local area.
The homes are to be acquired by AHF a specialist Affordable Housing Fund delivering affordable and sustainable housing across the United Kingdom. The Homes will be managed by Pinnacle Group in conjunction with CBRE Investment Management (CBRE IM).
The 23 acre development at Wood Wharf is an important part of the ongoing evolution of Canary Wharf from a global financial hub into a vibrant mixed-use neighbourhood offering waterside living with easy access to green spaces, shopping, work and leisure including open water swimming, FairGame, electric go karting, and the premium padel club Padium as well as popular restaurants such as Dishoom, Hawksmoor, Mallow and Fish Game.
CWG’s owners, Brookfield and QIA, recently invested a further £400m to advance its pipeline of development.
John Mulqueen, CIO, CWG, said “We are delighted to work with CBRE IM to create high quality, affordable homes at Canary Wharf for the benefit of the local community. This agreement between CWG and CBRE IM demonstrates the appeal of the residential developments being constructed as part of the vibrant mixed-use neighbourhood CWG has created, with award-winning buildings, world-class amenities and exceptional transport links.”
Andrew Davey, Head of Liability Matching Solutions and Affordable Housing, CBRE IM, said “It’s been a pleasure working with CWG to deliver state of the art, truly affordable, housing in one of the most vibrant and exciting communities in London. The scheme will deliver on the fund’s objectives to make a positive social impact and achieve our investor’s financial goals.”
For further information, please contact:
Canary Wharf Group
Nina Coad / Paul Durman
t: +44 (0)20 7404 5959
e: canarywharf@brunswickgroup.com
CBRE Investment Management:
Helen Stott
t: +44 (0) 782 486 4875
e: helen.stott@cbreim.com
Notes to Editors
Knight Frank acted for Canary Wharf Group
About Canary Wharf Group:
Canary Wharf Group (CWG) is the developer of the largest urban regeneration project in Europe. CWG develops, manages and currently owns interests in approximately 9 million square feet of mixed-use space and over 1,100 Build to Rent apartments.
CWG is committed to turning sustainability ambition into impactful action. Examples include purchasing 100% electricity from renewable sources since 2012, our partnership with the Eden Project creating a place for nature and people and working to deliver our Science-Based Target.
CWG has created a 24/7 city where people can live, work and thrive on the Canary Wharf estate and enjoy all the benefits: great transport links, access to 16.5 acres of green spaces and waterside living; and a wide range of amenities including an award-winning arts and events programme. Canary Wharf’s retail offering comprises over 70 bars, cafes and restaurants and over 300 shops, including 8 grocery stores, pharmacies and health clubs all within 15 minutes’ walk.
www.canarywharf.com
LinkedIn: @CanaryWharfGroup
Instagram: @canarywharflondon
Twitter: @CanaryWharfGrp / @Level39CW