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Canary, Qatari Pay $429M for South Bank Site

LONDON-The venture will be the construction and development managers of a massive mixed-use complex, anchored by Shell International, reported to cost up to $3 billion.

By Robert Carr | Updated on July 28, 2011

LONDON-Shell International has officially selected the locally based Canary Wharf Group and Qatari Diar Real Estate Co. as the developer of the oil firm’s planned South Bank office complex, reported to likely cost up to $3 billion. The venture has paid $429 million to secure a 5.3-acre site on a 999-year lease.

Both venture firms contributed 50% of the cost of the land purchase. The total payment is conditional on planning permission being received for the project within three years, according to a Canary Wharf statement.

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