Oxley sells rights to rents in Royal Wharf project in London for £34.5m

An artist's impression of the Royal Wharf development along the River Thames in London.
An artist's impression of the Royal Wharf development along the River Thames in London. PHOTO: OXLEY HOLDINGS

SINGAPORE - Subsidiaries of mainboard-listed developer Oxley Holdings have sold the rights to ground rents for the units in Phases One and Two of its Royal Wharf Development in London.

The rights were sold to Adriatic Land East Limited for £34.5 million (S$72.5 million).

The sale is expected to contribute positively to the net tangible assets per share and earnings per share of the company for the 2016 and 2017 financial years, Oxley said.

Oxley bought the 16ha mixed use site in London's Docklands area for £200 million in November 2013.

It is to include 3,385 homes for about 10,000 residents, with a school, retail outlets, offices, leisure facilities and restaurants.