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Ballymore sells £428m of property at three locations into JV

Ballymore has joined forces with Malaysia-based investment company Eco World Investment for a £2.2bn London residential development portfolio.

The UK property developer will hold a 25 per cent stake in the joint venture with EW Investment taking the remaining 75 per cent.

Under the deal, the JV will buy three major residential developments from Ballymore for a total of £428.7m.

They are Arrowhead Quay in Canary Wharf, phase two of London City Island on the Leamouth Peninsula, and phase two of Embassy Gardens in Nine Elms.

In total, the developments are estimated to be worth around £2.2bn and are expected to deliver 2,800 new residential units, as well as 250,000 sq ft of commercial, leisure and office space.

Ballymore chairman and group chief executive Sean Mulryan said: “In EW Investment we have a great partner with substantial property experience, backed by individuals who were responsible for leading the visionary plans for the redevelopment of Battersea Power Station.

“Together we will be bringing to market three outstanding residential property developments that provide diversity in both location and price point and which currently represent one of the largest such opportunities in London.

“Combining our development expertise and track record with EW Investment’s own experience and international marketing abilities will create valuable synergies for our joint venture and I look forward to working closely with them.”

Tan Sri Liew Kee Sin of Eco World Investment added: “[Ballymore‘s] 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.”

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