Qatari Venture Wins Approval for Almost 1,000 London Homes

(Bloomberg) -- A Qatari Diar Real Estate Investment Co. venture won approval to build almost 1,000 homes in the U.K. capital’s Elephant and Castle district.

Southwark Council approved the revised plans to replace a shopping mall with apartment towers, a new college campus and stores late on Tuesday. Investor Delancey, Dutch pension fund APG Asset Management NV and the Qatari sovereign-wealth fund’s property development unit will develop the project using their firm Get Living.

Rentals have been drawing international investors and retirement funds after London’s property boom made homes unaffordable to most people living in the city. The full plan for the plot also includes stores, restaurants and bars, a live music venue, exhibition space and offices.

The Mayor of London now has the right to review the plans and Historic England, a public body, is weighing an application to list the building for preservation before construction can start.

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