Xinyuan Real Estate Co., a NYSE-listed Chinese real estate developer and property manager, has acquired, from ED Jersey, a 50 percent equity stake in Madison Developments, the developer of the Madison Project at Marsh Wall, London E14 9YT.
The sales price was £29.11 million ($41.1 million).
“This is our first step in the U.K. real estate market and an important milestone for Xinyuan’s international expansion strategy,” said Yong Zhang, Xinyuan’s chairman.
The Madison Project site extends to 0.38 hectares (or approximately 0.94 acres) and is located adjacent to Canary Wharf. The planning permission was granted in March 2015 for the site to develop a 53-story building comprised of 423 residential apartments, including 319 private apartments and 104 affordable apartments, with approximately 4,574 square feet of community facilities. Construction is currently underway and project completion is expected for the third quarter 2020. To date, approximately 40 percent of the private apartments have been pre-sold and 100 percent of the affordable apartments have been pre-sold.
Madison Developments Limited is a subsidiary of ED Group Holding.
ED Jersey Limited is a 100 percent owned subsidiary of ED Group Holding.
