Belfast Royal Exchange heads of terms agreed

Royal Exchange (Belfast) Limited, a consortium comprising ING Real Estate and William Ewart Properties  has agreed heads of terms with the Department for Social Development which will lead to a comprehensive regeneration of a major part of Belfast city centre.

The retail-led, mixed use scheme known as Royal Exchange will deliver of a major new retail offering, leisure and cultural facilities and new residential and office accommodation spanning from Belfast's prime retail pitch, Royal Avenue, to the City's cultural and entertainment hub, Cathedral Quarter and linking through to Victoria Square.
 
“Royal Exchange aims to deliver a distinctive, aspirational retail offer of top quality international brands not currently represented in the City.  This will provide Belfast with the European quality retail offer it deserves.

Andrew Eldridge, Development Director of ING Real Estate, one of the world’s largest property companies with assets of over €100 billion added: “Belfast is a rising European regional capital and we believe strongly in its potential. Our aim is to deliver a high quality scheme to attract major new retail names which are complementary to the existing retail offer in Belfast.

“We have engaged leading international architects and urban designers to transform this key area of Belfast city centre and we are looking forward to working with our partners and stakeholders in the city in the coming months,” Mr Eldridge added.

The Royal Exchange plans currently comprise a total floor area of approximately 74,000 sq m including 42,000 sq m of retail. The content of Royal Exchange includes:

- a new department store anchor
- two further major stores
- new retail units
- leisure uses including restaurants, bars, cafes,
- apartments and offices (at upper levels).
- a new hotel
- a 700 space car park
- new cultural and artistic space
 
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NOTES TO EDITORS:

Background notes on:

ING Real Estate

ING Real Estate is an integrated real estate group focused on the development, financing and investment management of quality real estate in all major global markets with a total portfolio of over EUR 100 billion. ING Real Estate ranks among the world’s leading real estate companies and serves a broad client base from offices in 21 countries in Europe, North America, Asia and Australia.
 
ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries.

Ewart

William Ewart Properties’ total portfolio has a gross asset value now approaching £1.5bn, with c£900m centred on retail assets in Great Britain and mainland Europe. Ewart is on site in Belfast at Lanyon Place, the City’s major mixed use Waterfront.  Work has commenced on Lanyon Towers and The Soloist, two spec  buildings being speculatively developed with a combined spend of £70 million, totalling 300,000 sq ft, with completion due by Autumn 2009. For further information see: www.ewartproperties.com