Interserve - China State JV Named Preferred Bidder for Battersea Development
CI-ONE Construction, a Joint Venture between Interserve and China State Construction Engineering Corporation (CSCEC), has been selected as preferred bidder by Chinese developer Dalian Wanda to build the £550 million One Nine Elms scheme in Battersea.
The scheme features high-end residential, hotel and retail space and is part of the wider Nine Elms development which includes: a new Embassy for the United States of America; the regeneration of Battersea Power Station; a new business district and a centre for arts and culture in London. The area will provide housing for more than 30,000 people.
The One Nine Elms project includes the construction of two towers of 57 and 42 storeys housing 494 apartments, which will be among the tallest residential towers in the UK. A 187-room five-star hotel will also be built at the base of the River Tower, while more than half of the site will be given over to outdoor space. Work on the scheme has already commenced with demolition nearing completion and piling works due to start imminently.
One Nine Elms will be the first UK development project by Wanda One - a subsidiary of China's largest property group, Dalian Wanda. Interserve expects the development to create approximately 800 new jobs.
Adrian Ringrose, Interserve's Chief Executive said:
"We look forward to working with Wanda and CSCEC and putting our expertise to use on this prestigious development, one of the largest and most exciting urban regeneration projects in Europe."
About Dalian Wanda Group
Dalian Wanda Group is China's largest premier commercial property and entertainment conglomerate. Wanda was founded in 1988 and operates in four major industries: commercial properties, luxury hotels, entertainment and tourism, and department store chains. As of the end of 2012, the company had assets of RMB300 billion and annual revenue of RMB142 billion. The company now operates 67 Wanda Plazas, 38 five-star hotels, 6000 cinema screens, 57 department stores and 63 karaoke outlets across China. In 2012 Wanda took the first step in its internationalization with the USD2.6 billion acquisition of AMC Entertainment Holdings, Inc., the second largest movie theatre chain in the US. For more information, please visit: www.wanda.cn
