Chelsea news: The new Blues owners have continued their heavy investment across the board with a fresh project in London for Todd Boehly.
Chelsea’s owners have joined together with Starwood Capital to held fund a major expansion of Canary Wharf.
In a continuation of investment across sectors worldwide, Cain International, co-founded by Chelsea chairman Todd Boehly and director Jonathan Goldstein, will pledge £535million ($685m) to Canary Wharf Group alongside private equity firm Starwood Capital.
Owned by the Qatar Investment Authority and Brookfield, Canary Wharf group will use the money, which they are also partially funding themselves, to build ‘the third phase of Wood Wharf’, the Times report.
On the east side of the main site, it will include over 1,30 rental homes across five buildings with retal and hospitality opportunities. It is the final part of Wood Wharf’s nine acre public space expansion with 3,600 flats, a school and doctors’ surgery.
Under chief executive Shobi Khan, Canary Wharf Group are trying to change the image of being just for banks and accountants with bars, restaurants and cafes doubling since 2020. In what has been described as a ‘pivotal part’ of widescale reinvention of the area, Canary Wharf is attempting to become a new, modern hub for the area.
It is also reported that TFL figures show more than three times as many people travelling to and from Canary Wharf during weekends, further evidence for the continued backing towards growth.
It has come at a good time as well with a return to London for some huge comapnies including law firm Clifford Chance and HSBC.
“The news that HSBC intends to leave for smaller premises in the City of London triggered a small avalanche of gloomy headlines,” CEO Khan said.
“The Isle of Dogs was a wasteland when we started and many people said Canary Wharf would never work, that no one would relocate to the Docklands. The sceptics were wrong. We suspect they will be again.”
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