PCP Capital In Talks for Land Securities Site

Private equity fund PCP Capital Partners is in talks to buy a central London site owned by UK developer Land Securities for 230 million pounds ($367 million), Reuters reported Wednesday. Arundel Great Court, which is located near the River Thames, has planning permission for a 1 million square foot redevelopment to contain offices, shops, 150 apartments and a hotel.

(Reuters) – Private equity fund PCP Capital Partners is in talks to buy a central London site owned by UK developer Land Securities for 230 million pounds ($367 million), a source familiar with the deal said.

Arundel Great Court, which is located near the River Thames, has planning permission for a 1 million square foot redevelopment to contain offices, shops, 150 apartments and a hotel.

PCP Capital is headed by British dealmaker Amanda Staveley, a restauranteur turned go-to broker for the Abu Dhabi royal family, who is advising it on the talks to buy a stake in Royal Bank Scotland.

Overseas property investors have stepped up their chase for prime London properties over the past year, attracted by the city’s safe-haven status against an uncertain global economic outlook.