UK: Developer Sager Group and investment firm Cain Hoy have formed a JV to develop a London mixed-use scheme that will include serviced apartments.
Islington Square is a 4.5 acre mixed-use regeneration and
development scheme in Islington, London N1, on the site of the
former North London Mail Centre.
The development will create a 500,000 square foot mixed-use shopping, leisure and residential district in London's N1. It will feature residential apartments, serviced apartments, leisure and restaurant outlets as well as retail space.
Islington Square's architecture "will retain many of the key heritage features of the original Post Office site, designed around the concept of arcades, sympathetic to the local architecture".
Work has already begun on site, and the scheme is scheduled to be completed early in 2017.
Giris Rabinovitch, CEO of Sager said: "Sager is delighted to have joined with Cain Hoy as its partner to create this landmark destination. Sager acquired the original site more than a decade ago - we are delighted that our vision will now become a reality and are pleased to be Cain Hoy's first investment in London."
Jonathan Goldstein, Cain Hoy's head of European investments said: "Islington is a thriving area of London close to Kings Cross, the City and Tech City. We look forward to working with our partner, Sager, to bring this iconic development to life."