Lendlease forms JV with Daiwa House for U.K. development project

Lendlease and Daiwa House have formed a new joint venture to develop and sell 259 new apartments across two new buildings at Elephant Park in Zone One of central London, which has broken ground.

Daiwa House is one of Japan’s largest home builders and property developers. This joint venture with Lendlease is the first time that Daiwa House has been involved in the development and sale of new homes in the United Kingdom.

The Australian firm will develop and construct the new homes, which have an end value of circa £250 million (€286 million/$303 million) and retain a 25 percent interest in the project, which will be the final stage of residential development at Elephant Park.

The two firms have previously partnered on the delivery of a 41-story mixed-use building in Manhattan and recently began work on a build-to-rent apartment development in Melbourne.

“This deal is a significant vote of confidence in the property market in the United Kingdom. We’