Dominus and Cheyne Capital Management UK have teamed up to acquire 65 Fleet Street in London for a mixed-use redevelopment project.
The transaction, which represents Dominus鈥檚 entry into institutional capital partnerships, further strengthens Dominus and Cheyne Capital鈥檚 ongoing partnership.
The two firms said the current plan is for the historic fa莽ade onto Fleet Street to be reworked and upgraded with materials and detailing more in keeping with the surroundings, adding that the redevelopment will also include the opening of the Tattle at The Tipperary coffee shop and the Florist at The Tipperary.
Preet Ahluwalia, principal director at Dominus, said: 鈥淏y working with the existing building and with an ambitious design team, we will minimise our environmental impact and create a place that truly serves the City and its people.鈥�
Ahluwalia added that the transaction is also a 鈥渟ignificant moment for Dominus, marking the commencement of us partnering with institutional capital to bring forward a development鈥�.
In February, UK hotels and living sector real estate manager Dominus secured 拢400m (鈧�467m) worth of loans from Cheyne. At the time, Dominus said the two senior loans will provide development finance for two of its purpose-built student accommodation developments in the City of London.
鈥淥ur strengthening collaboration with Cheyne Capital is testament to our experience, reliability and integrity. Meanwhile, we continue to be ambitious and pursue other joint ventures and opportunities, where we know we can add real value to communities and places,鈥� Ahluwalia said.
Hamish Gordon at Cheyne Real Estate, said: 鈥淔ollowing on swiftly from the two deals announced in February, we are pleased to be partnering again with Dominus on this acquisition.
鈥淭ogether we will deliver a bold redevelopment scheme at 65 Fleet Street. The works to The Tipperary Pub and the new meanwhile-use offerings delivered over the coming weeks will also provide clear benefits to the wider community.鈥�
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