Lendlease and Starwood Capital have revealed plans to purchase Silvertown Quays, a major urban renewal project in London'.

Valued at £3.5 billion, the scheme will deliver seven million sq ft of residential and commercial space in the city's East End, including 3,000 new homes and the restoration of the historic Millennium Mills and the listed Silo-D.

Both Lendlease and Starwood will jointly acquire The Silvertown Partnership from its existing shareholders, First Base, Chelsfield Properties and Macquarie Capital, on a 50% co-investment basis.

In addition to developing over 900 'affordable' homes within the 20-acre site, the regeneration will feature extensive, high quality public realm realm and is well connected to existing DLR stations adjacent to the site. A new walking and cycling bridge will be built to link the site to Custom House station (which will be served by Crossrail) while the project will also incorporate restoration of the dock walls, new public spaces, as well as high quality commercial and retail space providing new employment opportunities for the residents of Newham.

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Dan Labbad, Chief Executive Officer, International Operations, Lendlease said: "London is universally recognised as one of the world's most exciting cities. In order to maintain its rich mix of cultures and people, the city must continue to deliver projects like Silvertown Quays.

"Working in partnership, we plan to create a place that's innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term. These are standards and commitments we apply to all our work and Silvertown Quays is no exception."

Jeff Dishner, Global Head of Real Estate Acquisitions, Starwood Capital, said: "We are excited to partner with Lendlease on this prominent East London regeneration scheme that will help address London's much needed affordable housing and private residential demand.

"We believe in London's long-term growth potential and are confident that the underlying value for this waterfront site will benefit from Crossrail connections and deliver a new gateway destination creating a strong visitor experience.

"Working with Lendlease, our vision is to invest significantly into the infrastructure around the site and create a completely new and creative neighbourhood that meets consumer demand, reinvigorates London's East End and delivers for our investors."

(LM)