A company that transforms car parks and shopping centres into urban farms, neighbourhood kitchens and fulfilment centres has agreed its first UK deal.
Reef Technology, which was founded in Miami and is backed by SoftBank, has signed a deal with Capital & Regional, the London-listed landlord that owns seven shopping centres.
It has been charged with finding alternative uses for parts of Capital & Regional’s malls in Luton, Bedfordshire, and Wood Green, north London. Discussions are also under way concerning malls in Walthamstow and Ilford.
Reef’s portfolio in the US and Canada spans more than 4,500 locations and 200 cities. In November, the company secured $700m from a syndicate of investors including Japan’s SoftBank Vision Fund and the Abu Dhabi state fund.
Separately, it has raised $300m with Oaktree Capital Management to establish a vehicle to acquire strategic property assets.
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