London marina sold to Singapore firm for £395m
City Developments Limited (CDL) — controlled by Singaporean billionaire Kwek Leng Beng — has purchased the St Katharine Docks marina in central London from US private equity giant Blackstone, for £395m.
Opened in 1828, the 23-acre estate fronting the River Thames comprises over 500,000 square feet of mixed-use space, including London’s largest marina with berths for up to 185 yachts.
Blackstone acquired St Katherine Docks in 2014 as part of the firm’s £448m purchase of the Max Property Group. The firm originally attempted to sell the estate in 2017 for £435m, but it was withdrawn from the market due to insufficient demand.
Sherman Kwek, CDL Group chief executive, says: “The current uncertainty in the UK has provided us with strategic opportunities to acquire prime assets and expand our portfolio. This latest acquisition of the sizeable St Katharine Docks freehold estate, one of London’s trophy landmarks, increases CDL’s total commercial assets in the UK to around £1b and enhances our recurring income stream.
“It complements our fund management strategy, providing us with the option to inject our UK assets into listed or unlisted platforms at an opportune time. In addition, there are ample asset management opportunities for us to demonstrate our ability to enhance value and improve operational efficiency.”
Located in the heart of London near the financial district, St Katharine Docks overlooks the Tower of London and Tower Bridge and is said to attract over 5.9 million visitors annually. Since 2011, the estate has been undergoing a £69.5m refurbishment, which included enhancements to the buildings, the marina and the overall estate.
In 2022, the marina was awarded the prestigious 5 Gold Anchors Award for the second time in succession.
Since April 2022, the marina has been home to the ’boutique’ London Luxury Afloat boat show, created by the British Marine team behind the Southampton International Boat Show.
