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China's R&F Properties snaps up iconic Croydon tower in multi-million pound deal

A Chinese property firm has acquired the landmark Nestle Tower in Croydon, along with surrounding areas in the vicinity, for around £60m.

R&F Properties has acquired the 200,000 sq ft tower along with the nearby development site St George’s Walk according to Property Week from Minerva, in what would be the Chinese firm’s first acquisition in Europe.

The tower formerly housed the multinational food and drinks company for nearly 50 years but has remained vacant since 2012, before eventually being acquired by Minerva from L&G for £10m in 2015.

Plans for both sites include a significant portion of new residential units, with 288 new homes planned for the former Nestle tower, officially called St George’s Tower, and a further 800 units at St George’s Walk.

In quotes reported by Property Week, Xia Ning of R&F, commented: “As a newcomer to the UK market, we are excited to bring our expertise and enthusiasm to this significant town centre scheme.

“We aspire to provide positive real estate schemes across the world and look forward to working closely with the local community, businesses and stakeholders, to deliver the most appropriate scheme for the benefit of the borough.”

A Minerva spokesperson added: “Having spent the last couple of years investing in the overall Queen’s Square site, we now believe this is the right time for another party to deliver this vitally important project for Croydon.

“The St George’s House planning permission has been implemented, existing Section 106 Agreement revised and a masterplan has been prepared and discussed with Croydon Council.

“It will now be for R&F Properties to consider the most appropriate way to bring the scheme forward, however we have no doubt the result will be something the town can be proud of and we look forward to following progress, whilst we focus on our other land holdings in the area.”

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