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LONDON-Westfield Group has acquired East London's Stratford City development site, buying the remaining 75% that it does not already own for euro 204 million ($257.87 million). The euro 5.85-billion ($7.4-billion) project, central to London's hosting of the Olympic Games, had stalled because of a row between Multiplex Group and David and Simon Reuben over who owned development rights to the site.
Landowners London & Continental ran out of patience earlier this month and drew up plans for an auction. But now the Reuben Brothers have agreed to sell their 50% stake and Stanhope its 25% holding to the Australian developer.
The Stratford City site has planning approval for 13 million sf of mixed-use development, including two million sf for retail, and is adjacent to the site for the 2012 London Olympic Games. It will be home to much of the Olympic Village, which will be available for residential occupation after the games are finished.
Westfield will also look to develop a "high-quality super regional shopping center" on the site. The company now controls the two largest retail developments in and around London--Stratford City and the euro 2.19-billion ($2.76-billion) White City.
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