Leading Property Developer, Far East Consortium International Limited, Expands Its Portfolio With The Acquisition Of Vauxhall Square - FEC Leading Property Developer, Far East Consortium International Limited, Expands Its Portfolio With The Acquisition Of Vauxhall Square - FEC

Leading Property Developer, Far East Consortium International Limited, Expands Its Portfolio With The Acquisition Of Vauxhall Square

London, 15 March 2022

Far East Consortium International Limited (FEC), one of the fastest-growing property developers in the UK, is pleased to announce its subsidiary’s acquisition of the Vauxhall Square development in central London from a subsidiary of Guangzhou R&F Properties Co., Limited (R&F Properties) for a total sum of approximately £95.7 million.

Having enjoyed a long period of steady growth, FEC was on the lookout for a large-scale London development project to accelerate its ambitious plans for future expansion. At 1.4 million sq ft, in a prominent part of the city, the truly mixed-use Vauxhall Square scheme is exactly the scale and type of development FEC set out to acquire.

Vauxhall Square joins FEC’s already impressive repertoire of developments, including the aspirational Consort Place in Canary Wharf, the ambitious Victoria Riverside in Manchester’s characterful Red Bank neighbourhood and the careful restoration project of the Grade II* listed Hornsey Town Hall in Crouch End, amongst others.

Bounded by Parry Street, Bondway, Miles Street and Wandsworth Road in Lambeth, Vauxhall Square forms part of the prestigious Vauxhall, Nine Elms, Battersea (VNEB) Opportunity Area in Central London. Planning consent for the large-scale scheme incorporates seven main buildings and two pavilion structures to form a new urban square, a secondary community space and a children’s playground on Miles Street. The existing planning consent aims to transform the site into a truly mixed-use development that will comprise two 50-storey residential towers, offices, a hotel, student accommodation (already built), a cinema, retail and restaurants. Following completion of the acquisition, FEC will review all current development plans, which will be subject to change.

Commenting on the acquisition, John Connolly, Head of UK Development at FEC, said: “As specialists in creating innovative, functional mixed-use developments, we knew we wanted to add another large-scale project to our portfolio. However, these larger sites are typically hard to come by, especially in central London. Of course, we were delighted when the opportunity arose to acquire Vauxhall Square since it is exactly the type of development we were looking for, marking another step forward for FEC. The site at Vauxhall Square has so much potential, and I am confident we will be able to apply our expertise and experience to deliver a space that responds to the needs of local and new residents alike.”

 

Key terms of the acquisition:

A subsidiary of FEC has acquired the entire issued share capital of R&F Properties VS (UK) Co., Limited, the company indirectly holding Vauxhall Square and the intercompany loans from R&F Properties at the consideration of approximately £95.7 million. R&F Properties will have the option to repurchase the entire issued share capital of R&F Properties VS (UK) Co., Limited, the company indirectly holding Vauxhall Square and the intercompany loans from FEC’s subsidiary for £106.6 million, plus the total amount of all additional costs, liabilities and expenses on or before 6 months after completion.

Certain statements in this announcement may be forward looking statements. By their nature, forward looking statements involve several risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly, undue reliance should not be placed on forward looking statements. Unless otherwise required by applicable law, regulation or accounting standards, FEC does not undertake to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.