New €269m Asian investment vehicle targets London residential

Hong Kong-based investor Prime Pacific and private investor ED Group have founded a €269 mln joint venture targeting the London residential market.

 

The JV's first purchase is an under-development 22-storey tower project in King’s Cross for €19 mln.

Named Brill Place, the scheme comprises 54 apartments, located next to St Pancras International Station. Construction is slated to begin in the first half of 2020.

The JV is named Paladin LBS UK Residential Fund I and will aim to buy residential development sites with planning consent in inner London locations, pursuing a build-for-sale strategy with a total investment target of up to €269 mln.

Developer LBS Properties has been appointed manager of the JV’s investment strategy and to handle its development projects.

Mr. Khoon Ng, CEO of Prime Pacific, said: ‘Prime Pacific is extremely excited to partner with ED Group to create an investment platform for Asian investors with keen interest to invest in the London residential market.

‘With the number of new starts at the lowest level since 2012, the in-elastic housing demand, and the weakening pound, the next 12 months will be a good time to capitalise on this investment hotspot in UK.’

Gordon Crawford, Chairman of ED Group, said: 'ED Group is pleased to enter into this strategic joint venture with Prime Pacific, which represents the culmination of several months of preparatory work. Prime Pacific, along with its affiliated companies, has unrivalled expertise in financing and delivering residential-led development in Asia.

‘We believe that the combination of this expertise with ED Group and LBS Properties’ exemplary track record in London, will position the partnership excellently to deliver on its ambitions in the coming years.’

JLL acted for the London Borough of Camden on the land disposal.

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