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The Singaporean billionaire Kwek Leng Beng’s City Developments Limited has bought the St Katharine Docks marina from Blackstone for £395 million.
This 23-acre estate fronts the Thames and has over 500,000 square feet of mixed-use space, including London’s largest marina with up to 185 yacht berths.
In 2014, Blackstone bought Max Property Group for £448m, including St Katharine Docks. Originally, the estate was listed for £435m, but insufficient demand led to a withdrawal.
Sherman Kwek, CDL Group chief executive, says:
“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 £1b and enhances our recurring income stream.”
“It complements our fund management strategy, providing us with the option to inject our UK assets into listed or unlisted platforms at an opportune time. In addition, there are ample asset management opportunities for us to demonstrate our ability to enhance value and improve operational efficiency.”
Over 5.9 million people visit St Katharine Docks every year, located in the heart of London near the financial district. The estate has been undergoing a £69.5m refurbishment since 2011, including building improvements, marina improvements, and more.
The marina won the prestigious 5 Gold Anchors Award for a second time in 2022.
It’s been home to the ’boutique’ London Luxury Afloat boat show since April 2022, created by the Southampton International Boat Show team.
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