The state-owned conglomerate has bought the £600m Ram Brewery site in Wandsworth from Minerva and plans to develop a £600m luxury housing scheme in Canary Wharf.

The 7.75 acre Ram Brewery site – which is currently derelict – comes with planning consent for 661 homes and 9,500 square metres of commercial space for new shops, cafes, bars and restaurants.

Ravi Govindia, Leader of Wandsworth Council, said: “The Ram Brewery now has an owner with the experience and deep pockets needed to unlock its enormous potential.

“The site comes with a very well designed development plan which would rejuvenate this part of the town centre, open the historic brewing buildings to the public and create hundreds of new homes and jobs.

“We look forward to working with Greenland Group to see this important project through to completion.”

Paul Goswell, Managing Director of Delancey, said: “Since acquiring Minerva two years ago, we have worked hard to comprehensively redesign the original scheme which culminated in planning consent being secured last December.

“Our strategy had been to implement the scheme ourselves, possibly with a partner, but that changed when Greenland made their unsolicited proposal.

“We are delighted that our efforts to date, together with Greenland’s world class development expertise, will mean that this long awaited scheme finally happens for Wandsworth.”

Zhang Yuliang, Chairman and President of Greenland Group, said: “London is the global financial centre as well as the most open and diversified city that enjoys the most mature economic development, making it the first option for our investment in Europe.”