Malaysian-based property developer EcoWorld will take a 70% stake in the growing London-based residential development business.
The acquisition is subject to due diligence and board approvals, but is expected to be completed next month.
EcoWorld International is looking to increase its presence in the UK and the acquisition will give it access to a land bank of around 6,700 residential units with a projected gross development value of at least £2.5bn.
The partnership will also enable EcoWorld to gain access to the London property market and projects in areas such as Barnet, Hounslow, Lambeth and Westminster.
“EcoWorld International sees great potential in the UK market and this deal shows our ambition to further grow our business here,” said Tan Sri Dato’ Sri Liew Kee Sin, executive vice chairman of EcoWorld International.
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“Today’s announcement reinforces our commitment to supporting the UK’s efforts to address the housing shortage across London and the South East of England and underlines our ambition to play a positive and sustainable role in the UK market.”
As part of the deal, a majority stake in Be Living’s residential development management platform will also be acquired to allow EcoWorld to explore more development opportunities in London.
Following the completion of the transaction in Be Living, EcoWorld will continue to work closely with Willmott Dixon to grow the joint venture into a long-term participant in the residential development market.
“EcoWorld International is a great fit for Be, both culturally and in its ambition,” said Rick Willmott, chief executive of Willmott Dixon.
“This investment will take Be Living forward to its next stage of growth and we look forward to developing a successful long-term partnership with EcoWorld once this transaction is concluded.”