Unibail-Rodamco-Westfield forms partnership with PSP Investments and
QuadReal for a €750 Mn (£670 Mn) Private Rented Sector scheme in
London
Unibail-Rodamco-Westfield announces today that it has signed a conditional agreement with a wholly owned
subsidiary of the Canadian public pension fund the “Public Sector Pension Investment Board” (PSP
Investments) and global real estate company QuadReal Property Group (QuadReal), to form the “Cherry Park
Partnership”. The Partnership will deliver the development and management of a €750 Mn (£670 Mn) Private
Rented Sector (PRS) residential scheme, adjacent to Westfield Stratford City in London. It will be one of
London’s largest single-site PRS schemes.
PSP Investments and QuadReal will each take a 37.5% share in the Cherry Park Partnership, while Unibail-
Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.
Olivier Bossard, Group Chief Development Officer, Unibail-Rodamco-Westfield, said: “This new residential
quarter in the heart of Stratford City 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. With the Cherry Park Partnership, we are leveraging our unique know-how and
joining with strategic capital partners to reinvent city districts.”
Stéphane Jalbert, Managing Director Europe and Asia Pacific, Real Estate, PSP Investments, added: “London’s
residential sector is chronically undersupplied and Cherry Park supports PSP’s broader long-term sectorial
strategy to develop professionally managed residential assets alongside best-in-class investment partners.
Once completed, this will be one of central London’s largest residential rental schemes and will offer future
residents an incredible level of connectivity in an exciting and unique mixed-use location.”
Jay Kwan, Head of Europe, International Real Estate, QuadReal, said: ”This Partnership fits squarely into our
investment strategy to densify successful retail destinations alongside world-class development and operating
partners. We are excited to launch this new relationship with Unibail-Rodamco-Westfield whilst extending our
long-standing and successful relationship with PSP.”
Construction work is set to start in Q2 2019, with a phased completion and a delivery expected post 2023. The
Cherry Park Development will feature approximately 1,200 new homes benefitting from a suite of amenities
including a residents’ gym, swimming pool, workspace and high-quality public areas.
Completion of the formation of the Cherry Park Partnership is subject to customary conditions precedent.