AEG To Sell Greenwich Site

Anschutz Entertainment Group Inc. is reportedly selling 7.4 acres of land near The O2 Arena  o a Luxembourg-based private equity firm.

There’s been no mention of how much the deal with Queensgate Investments Fund I and other undisclosed partners is worth.

The site by the side of the River Thames on the Greenwich Peninsula will be used for a $450 million development that will include a 452-room luxury hotel operated by Arora Hotels Ltd., as well as a conference center and 100 homes.

“The transaction underlines our strategy to pursue opportunities with downside protection, partnerships with premier operating partners, and transactions with multiple value creation angles,” Queensgate Investments chief exec Jason Kow said.

Bloomberg says AEG has retained an undisclosed interest in the development project. Construction on the new project is to start before April and finish in 2015.