Hong Kong-listed Far East Consortium is in advanced talks to fund and develop the £100m Angel Meadow in Manchester, the next residential phase of NOMA.
Angel Meadow comprises 500 homes in four buildings on the edge of Angel Meadow Park and Hermes Investment Management and Co-operative Group’s £800m NOMA neighbourhood. The sites for three of the buildings are part of the NOMA estate; the fourth belongs to Manchester City Council.
Angel Meadow also forms the first element of the Northern Gateway regeneration, a 370-acre area where Manchester City Council and the Homes & Communities Agency – jointly acting as Manchester Place – are helping to develop 7,000 homes by 2030. It extends in a north-eastern arc from Victoria Station, taking in NOMA, the Lower Irk Valley, New Cross and Collyhurst.
The deal would follow a string of Middle Eastern and Far Eastern investments into Manchester’s residential sector over the past year. These included Apache Capital Partners’ acquisition with Moda Living of NOMA’s neighbouring 458-home PRS development, Angel Gardens, and China’s Hualing Industry and Trade Group’s backing of Scarborough Group’s £730m Middlewood Locks project in Salford.
Colliers International is acting for NOMA; Bilfinger GVA acts for Manchester Place. All parties declined to comment.
What is Far East Consortium?
FEC was founded by the late Hong Kong banking entrepreneur Deacon Chiu and listed on the Hong Kong Stock Exchange in 1972. It has a market capitalisation of HK$5.3bn (£472m).
The investment holding company principally operates across property development and investment, hotel operation, car park operation, securities and financial product investments. Its circa 5.8m sq ft property development portfolio spans Hong Kong, China, Australia, Malaysia, Singapore, New Zealand and the UK.
FEC’s first UK acquisition was the former Shepherds Bush Pavilion, W12, in 2013, which its hotel arm, Dorsett Hospitality International, has converted into a hotel. Its latest investment is in Alpha Square, E14, where it has submitted plans for a £500m residential scheme.
Angel Meadow would be its first regional acquisition.
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