(Bloomberg) -- Derwent London plc has agreed to buy one of central London's largest development sites in the heart of the city's tech district.
The British landlord has struck a deal to buy the 1 hectare (2.5 acres) estate just north of the City of London, which is currently home to the Moorfields Eye Hospital, from the National Health Service and University College London, Derwent said in a statement on Tuesday.
“We are delighted to be acquiring this well located major regeneration opportunity close to our existing holdings in Islington,” said Paul Williams, chief executive officer of Derwent London.
The British landlord aims to submit its plans for the redevelopment of the site in 2022. The acquisition is expected to complete in the second half of 2026, after the delivery of a new eye care, research and education center in Camden.
The deal is another sign of confidence in major new development projects in central London, even as the spread of Covid-19 variants pose economic challenges to the city. In June, the U.S. investor Tishman Speyer Properties LP agreed initial terms and offered a price above book value to buy an office redevelopment in central London from Derwent.
Read more: Tishman Agrees to Buy London Office Project as Demand Heats Up
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