Barratt London/Morgan Stanley Real Estate Investing form JV to build 770 riverside homes in Greenwich

Barratt London/Morgan Stanley Real Estate Investing form JV to build 770 riverside homes in Greenwich

Barratt London today announces that it has agreed to form a 50/50 joint venture with a fund managed by Morgan Stanley Real Estate Investing to build 770 homes with a gross development value estimated at £275m on a riverside site in the Royal Borough of Greenwich.

The historic 8.9 acre site has 130 metres of river frontage and is located between the centre of Greenwich and the O2.

In addition to new homes, the site has detailed planning permission for a cruise terminal, a 250 room hotel, commercial space and the restoration of the historic Grade II listed Enderby House that was built in the 1830s.

Barratt London will start construction of the residential elements, including 154 affordable homes, in the autumn of 2013. As with its other London JVs, Barratt London will provide construction, development, accountancy and sales services to the JV.

Morgan Stanley Real Estate Investing will work with West Properties to deliver the cruise terminal and hotel.

The site has a long industrial history and was first developed by the Whaling company, Enderby and Sons. Subsequently it was used to manufacture some of the first transatlantic telecommunications cables and a cross channel petrol pipeline to support the D Day invasion.

Alastair Baird, Regional Managing Director, Barratt London said: 'Our London business is expanding built on our capability to deliver challenging projects on time. This is a first class riverside site and we look forward to working with all the local stakeholders to deliver desperately needed homes and local facilities that will regenerate this important site. We have an outstanding track record of delivery and we will be on site as soon as possible.'

Brian Niles, EMEA Head of Morgan Stanley Real Estate Investing said: 'We are pleased to be working with Barratt London as partners on the residential elements of this significant regeneration scheme for London. Barratt's extensive experience of delivering complex developments makes them the ideal partner for us as we move forward with this opportunity. We also look forward to continuing to work with West Properties to deliver the cruise terminal and hotel as part of the regeneration of this important part of London.

Councillor Chris Roberts, Leader of The Royal Borough of Greenwich said: “We are looking forward to this exciting regeneration scheme breathing new life in to Enderby Wharf and the positive impact it will have on our local economy. Tourism already contributes £930 million per year to our local economy and supports over 13,000 jobs, so this will clearly be a massive boost for an already thriving local industry. We’re hugely proud of the rich mix of attractions, culture and history we have at the World Heritage site and beyond in Greenwich – and of course of our proud maritime history. The construction of London’s first cruise terminal at Enderby Wharf, as a direct result of this investment, will be a big landmark in that history and a superb addition to all we have to offer here in Royal Greenwich"

ENDS

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NOTES TO EDITORS

About Barratt

1. Images of the site are available – please contact Maitland
2. Barratt Group sold 13,663 homes in the year to June 2013, making it the biggest housebuilder by volume in Britain.
3. Barratt Group was awarded a maximum five star rating for the fourth consecutive year in the 2013 Home Builders Federation Customer Satisfaction Survey.
4. In 2013, site managers working for Barratt Group won a record breaking 102 awards for quality workmanship in the NHBC Pride in the Job Quality Awards. This is the highest number ever won by a single company since the competition began in 1980.
5. Barratt Group was named Sustainable Developer of the Year at the What House Awards 2012, in addition to Sustainable Housebuilder of the Year at the Housebuilder Awards 2012.
6. Barratt Group is the only housebuilder to provide a five year warranty on the fixtures and fittings in its new build homes at the time of purchase.

About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global real estate investment management arm of Morgan Stanley. Established in the early 1990s, MSREI has been one of the most active real estate investors for two decades, acquiring over $184 billion of assets in 36 countries. MSREI leverages the expertise, relationships and franchise of Morgan Stanley with dedicated real estate investing professionals located in 15 offices around the world providing acquisition, finance and asset management services. MSREI manages opportunistic and core investment strategies on behalf of its clients, including some of the largest pension funds, sovereign wealth funds and high net worth investors worldwide. For more information about Morgan Stanley Real Estate Investing, please visit www.morganstanley.com/realestate.