Following four years of extensive remediation, Europa Capital, the pan-European real estate investment manager, and its joint venture partner St Congar Land, have completed the sale of Dagenham Dock, the site of the former Ford Stamping Works, to Peabody Group.
Peabody is working closely with Barking and Dagenham Council, BeFirst and the Greater London Authority to explore the delivery of a high quality residential-led masterplan comprising 1,500 affordable homes at Dagenham Dock, with the aim of creating a vibrant and sustainable new neighbourhood that reflects the site’s heritage and incorporates new spaces for learning, leisure, play and work.
Since acquiring the 44-acre brownfield site in 2016 on behalf of its value add fund, Europa Fund IV, Europa Capital, advised by St Congar, has undertaken extensive remediation works over the last four years, involving the extraction of 322,000 tonnes of material, 98% of which has been recycled.
Europa Capital and St Congar have a longstanding track record in strategic land and have acquired strategic development land with capacity for approximately 10,000 new homes. Additionally, Europa Capital has invested in c. €1 billion into built PRS and student accommodation, totalling over 10,500 beds.
Hugo Black, Partner at Europa Capital, commented: “Back in 2016 we recognised the massive potential of Dagenham Dock, a site rare in its scale and steeped in history. Demand for land in London on which to build affordably priced housing has outstripped supply for some time. Having undertaken a thorough remediation of the site, we have created land suitable for development of new homes. Peabody is an experienced and trusted developer with a great track record in the delivery of affordable and market homes for Londoners and we have been working closely with them throughout this process. Additionally, by completing this transaction with Peabody, we are providing an attractive exit point for our investors.”
Europa Capital and St Congar were advised on the sale by Cushman & Wakefield and Savills.
Mark Clegg, Head of Residential Capital Markets at Cushman & Wakefield, said: “We are delighted to act on behalf of St Congar and Europa Partners on this 45-acre site sale to The Peabody Group. The site sits next to Dagenham Dock Station and has the potential for over 1,500 homes alongside new green community spaces as well as leisure and local employment hubs. This will transform the local area and create a new exciting destination for East London.”
