Malaysian developer EcoWorld International’s 70 percent-owned U.K. unit, EcoWorld London has signed contracts worth £389 million ($495 million) with global property investment management firm Invesco Real Estate.
The deal will see Invesco acquiring more than 1,100 units of Build-to-Rent (BTR) homes in London in Kew Bridge and Barking Wharf.
EWI said the transaction is pursuant to the Heads of Terms announced by the group on Aug. 29 and comes less than six months from the date EcoWorld London completed its acquisition of 70 percent of the Willmott Dixon residential development business for £84 million ($107 million), covering eight sites.
“This is a fantastic start to EcoWorld International’s ambition of becoming a BTR market leader in the United Kingdom,” said Liew Kee Sin, EWI executive vice chairman. “BTR is the most resilient and fastest growing property sector in London today due to the chronic undersupply of affordable homes available for rent,
