British Steel takes on Doctor Who
Wednesday, 11 May 2011 - Reported by Chuck Foster
Aviva Investors, the current owners of the Porth Teigr project to regenerate Cardiff Docks - and the new Roath Lock BBC Studios - have agreed to sell the 38 acre development to the British Steel Pension Scheme.The full terms of the deal have yet to be disclosed, but the pension company has agreed to acquire both the BBC studios and to fund the development of the Centre for Creative Industries which is also to be built at the site.
Hoong Wey Woon, Fund Manager for Aviva Investors, said:
This is a landmark transaction for the igloo fund (the developers) and Cardiff. Working closely with the Welsh Assembly Government and the BBC we have been able to deliver an innovative development that will form the first phase of our wider ambitions for the Porth Teigr site.
The financing and sale of this project reduces risk for igloo by securing a fixed exit price and the innovative structure will generate strong returns for our investors.
The financing and sale of this project reduces risk for igloo by securing a fixed exit price and the innovative structure will generate strong returns for our investors.
Aviva also confirmed that the BBC would remain long-term tenants at the site - phase one of the Roath Lock development was completed in January, and Doctor Who is expected to re-locate there from the existing Upper Boat studios during 2012.
News coverage from: Financial News, Professional Pensions
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