The owner of Centre Point has spent £550 million buying a chunk of the South Bank office element at the controversial £1.3 billion Shell Centre redevelopment.
Developer Almacantar has completed the purchase of sites One and Two Southbank Place from Braeburn Estates – a joint venture between Canary Wharf and Qatari Diar.
Once completed in 2018, the buildings will provide 572,616 square feet of office space, much of which will be let to Shell.
The deal comes after a planning dispute over the Shell Centre redevelopment, dubbed the “battle of Waterloo”, ended in June.
A legal challenge by activist George Turner against plans for the site, which also included 950 homes, was rejected by the Court of Appeal.
Mike Hussey, chief executive of Almacantar, said: “We feel that the area around Waterloo Station has the potential to grow into one of the best mixed use destinations in London.”
The purchase is being financed through a loan facility from private investment company Cain Hoy.
– Joanna Bourke