Ballymore Group has sealed a deal with Malaysian group Eco World Investment to develop three large residential schemes in London.
EWI will take a 75% stake in the newly established jv, entitled Eco World-Ballymore Holding Company Limited.
The jv – which will be 25% owned by Ballymore – will then buy three development sites from the Irish developer for £428.7m.
Ballymore will continue to manage the three developments, which include Arrowhead Quay, E14; phase two of London City Island on the Leamouth Peninsula, E14 (pictured below); and phase two of Embassy Gardens in Nine Elms, SW8 (pictured above).
The three projects – which command a gross development value of £2.2bn and comprise 2,800 flats and 250,000 sq ft of commercial, leisure and office space – are all expected to launch this year.
Sean Mulryan, chairman and group chief executive of Ballymore, said: “This is a significant deal for Ballymore, not only due to the substantial proceeds it will generate for this firm, but also in terms of providing a successful template for how projects such as these can be developed jointly in the future.”
Tan Sri Liew Kee Sin of Eco World Investment added: “Ballymore specialises in large-scale residential projects and has extensive expertise developing schemes within many of the most important regeneration areas in central London.
“Their deep knowledge and experience in delivering projects from inception through to completion and post-completion estate management in London make them an ideal partner to complement our strengths in delivering such developments globally.”
Ballymore was advised by Lazard and CBRE. Eco World Investment was advised by Deutsche Bank and JLL.
jack.sidders@estatesgazette.com
