European Real Estate: Irish developer revives plans for Europe's tallest residential tower

An Irish developer is reviving plans to build Europe’s tallest residential tower in London’s Canary Wharf financial district, after it bought the stalled site for £100 million.

The site, which sits on Canary Wharf’s north-west corner, was sold by Commercial Estates Group, which had permission to build a 242 metre tall building containing offices, homes and a hotel called the Columbus Tower. It put the plans under review in 2011 citing the changing economic climate.

Ryan Corporation (UK) Limited said the 75-storey tower would be renamed the Herstmere, and would contain more than 500,000 square feet of luxury residential space or 714 homes.

It expects the site to be worth more than £850 million upon its 2018 completion.

“We’re at a moment in time when residential is something that is very popular in London and we came across a project which we thought was incredibly exciting and in an area where we think has a lot of growth,” Richard Berridge, chief operating officer for Ryan Corporation, told Reuters.

The privately-held, London-based company is headed by Irish property investor Thomas Ryan.

Read more: Irish developer revives plans for Europe's tallest residential tower - Property News | Irish Construction & Property Market | The Irish T - Fri, Nov 15, 2013

International Real Estate: Oxford Properties looks to Europe to boost real estate portfolio - by Tara Perkins

Canadian Oxford Properties Group is on the hunt in Europe as it looks to add $7-billion to the real estate portfolio it manages by 2015, part of a massive expansion that would boost its size by nearly a third.

As it looks to bulk up, the real estate giant is also considering developing three new Canadian office towers, and vying for the chance to create a complex with a casino in downtown Toronto.

To continue feeding the growth of one of Canada’s largest pension plans and keep risk in check through diversification, Oxford is also increasingly looking outside this country.

Mr. Hutcheson is conscious of the fact that the success or failure of Oxford’s investments can impact a pension fund with 429,000 members. Within geographies “we really look at our industrial product and our multifamily product as our bonds, and our office and our retail as our equities,” Mr. Hutcheson said.

He believes in expertise and scale. “The greatest mistake is jumping on an airplane, flying into a new city and thinking you can outsmart people on the ground who have the relationships, who understand that this side of the street where the sun shines is more valuable than that side of the street.”

Oxford’s first step abroad was to London four years ago, followed by New York. At this point it is focusing its U.S. resources on Washington, Boston and New York.

Read more: Oxford Properties looks to Europe to boost real estate portfolio - The Globe and Mail