Hong Kong-based Peterson Group has invested £100m in London residential developer Hadley Property Group.
Peterson has taken a share in Hadley through a joint venture with global multi-family office LJ Group.
Hadley plans to deploy the fresh equity into residential development projects across the capital over the next two years.
The developer focuses on the London and South East markets. Founded in 2000, it has grown to a team of 25 and has 1,000-plus residential homes in its development pipeline.
Peterson Group is a global developer and investor in residential, hotel and commercial property in Asia and Canada. In 2013, it bought the Ampersand building on Oxford Street, W1, which is undergoing refurbishment and is to be completed by the end of 2014. This project was the start of Peterson’s UK strategy, and the group has now completed four projects in the UK.
Andy Portlock, chief financial officer of Hadley Property Group said: “The new partnership between Hadley, LJ and the Peterson Group provides us with the immediate opportunity to significantly expand our development activity in the residential sector.
“Our continued presence in the residential market over the past 10 years derives us a rich array of key relationships which enable us to unlock development sites. Our strong links to debt provision will allow us to leverage the significant equity funding to be provided by Peterson and LJ.
“As well as three development sites that we have under contract we are looking to acquire an additional eight to 10 sites in 2014, both through market acquisition and by building our strategic regeneration partnership with Mace Group through the GLA and Westminster panels.”
Tony Yeung, managing director of the Peterson Group, added: “We look forward to expanding our residential exposure in London with partners that share similar aspirations to develop good quality product that fits the local and international market. The UK is an important market in the group’s long-term growth strategy and we intend to work closely with the LJ and Hadley teams to further develop the business.”
