The owner of the Westfield shopping centres empire is making its debut in the London rental homes market, backing a new £670 million development next to its Stratford shopping centre.
European firm Unibail-Rodamco-Westfield is known as a landlord to retailers rather than an apartment renter. But it has agreed to have a 25% share in a partnership which will build around 1200 rental homes adjacent to Westfield Stratford City.
The company today said it has agreed a new partnership for the project. It will work with Canadian pension fund PSP Investments and Canadian developer QuadReal Property Group.
Unibail-Rodamco-Westfield will help oversee the development and management of the properties.
A gym and pool will also form part of the scheme.
Construction will start in the second quarter of 2019, and completion is expected to be finished after 2023.
Olivier Bossard, group chief development officer at Unibail-Rodamco-Westfield, said: “This is an example of the group’s strategy to significantly increase the densification of exceptional and highly connected retail destinations by adding offices, residential, hotels and other uses, where relevant.”
