Regalian Properties has formed a joint venture with American corporate housing provider Oakwood and US-based investment firm Colony Capital to develop corporate housing schemes in London.
The venture, which will be known as Oakwood United Kingdom, plans to build or convert over 200 units in the first year of operation. It expects this figure to rise to over 500 homes the following year as it acquires the leases on other properties in the capital.
Regalian claims that its new range of business class apartments will fill a gap in the London market. Oakwood’s President James Klein claimed: “We have relationships with multinational companies. They have asked us relentlessly to open in London and be their one source for all housing.”
According to Regalian chairman David Goldstone: “By linking our properties with Oakwood’s hospitality management&we will become the leader in the London serviced apartment market.”
EGi News 01/02/99
