EcoWorld International and Willmott Dixon have finalised the first part of EcoWorld’s acquisition of 70% of Willmott Dixon’s Be Living development business.
The pair announced last month they would be jointly developing 12 sites which Willmott Dixon owned in Greater London and the South East with an estimated GDV of £2.5bn.
The acquisition of the sites is being carried out in two stages, and a definitive agreement for the Stage 1 sites has been signed, while negotiations are advanced for the Stage 2 sites.
The intention is to complete negotiations on the Stage 2 and complete the acquisition of Stage 1 by Q1 2018.
The Stage 1 sites to be acquired are in Woking, Brent and Westminster, Barnet, Hounslow and two in Barking and Dagenham.
The Stage 2 sites are in Lambeth, Bromley, Ealing, Tower Hamlets and two in Hounslow.
Most of the sites have planning and are intended for either the open sale or build-to-rent market.
The price point will range from £500 per sq ft to £800 per sq ft.
Tan Sri Dato’ Sri Liew Kee Sin, executive vice chairman of EcoWorld, said: “Today’s announcement is the culmination of several months of hard work in reaching this deal with Be Living that will transform not just the size but also the scale and scope of our operations in the UK.”
The JV will also buy 70% of the development company Be Living and its team. The development manager will manage the JV projects as well as Be Living’s existing ongoing projects.
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