Investing.com UK - Financial Markets Worldwide
Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Malaysia's EW Investment forms $3.3 billion UK property venture with Ballymore Group

Published 13/01/2015, 02:43
Malaysia's EW Investment forms $3.3 billion UK property venture with Ballymore Group
HTG
-

KUALA LUMPUR (Reuters) - Eco World Investment Co Ltd (EW Investment), a Malaysian-owned private vehicle based in Britain, entered into an agreement with Ballymore Group to develop three residential projects in London worth 2.2 billion pounds ($3.34 billion), the firm said in a statement on Monday.

The two firms formed a joint venture company that will acquire the three sites from Ballymore Group for 428.7 million pounds.

EW Investment's owners Liew Kee Sin and Voon Tin Yow were former chief executives of S P Setia, Malaysia's largest property developer.

Liew said the partnership brings together Ballymore's "expertise" in developing projects and EW Investment's "strengths in marketing such developments globally".

Liew is a board member of Malaysian property developer Eco World Development Group . It is raising 1.87 billion ringgit ($523.4 million) for Malaysia's first property special purpose acquisition company (SPAC).

Dublin-based Ballymore said last May it was hunting for a partner to help finance and develop projects to build 3,000 homes in London, as Irish banks retreat from property lending following the financial crisis.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.