London residential developer forms £1b residential JV
London-based residential developer Galliard Homes has established a joint venture with Cain Hoy Enterprises, a private investment company, to invest to £225 million ($352.8 million) in new residential projects over the next three years. The focus will be on projects in southeast England.
Cain Hoy and Galliard Homes will contribute £225 million into a new 50-50 joint venture, to be known as Galliard Developments Ltd. With leverage, the venture will be able to construct projects with a combined gross development value in excess of £1 billion ($1.57 billion). Deutsche Bank is making available a three-year corporate facility to Galliard Holdings that will be used towards the Galliard share of the equity funding for the new joint venture.
The first project to be funded through the new venture will be 2 Millharbour, a joint venture with Frogmore located near London’s Canary Wharf. Contracts have already been exchanged for the purchase of this