Transactions - JANUARY 13, 2015

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Ballymore Group forms £2.2b U.K. joint venture

by Andrea Waitrovich

Ballymore Group has formed a £2.2 billion ($3.34 billion) joint venture with Malaysia’s Eco World Investment Co. to develop three residential projects in the United Kingdom.

Eco World paid £428.7 million ($647.08 million) for a 75 percent stake in the three sites while Ballymore holds the remaining 25 percent.  The venture is called Eco World – Ballymore Holding Co.

The projects are the second phase of Embassy Gardens near Battersea Power Station, Arrowhead Quay in Canary Wharf and part of London City Island on the Leamouth Peninsula. The Eco World projects will include 2,800 homes and 250,000 square feet of commercial space.

All three sites are part of a wider regeneration program that will benefit from significant investments in public infrastructure such as the Crossrail and Northern Line Extension.

Developers have been buying residential land in London after a shortage of new homes pushed up values, accor

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