Prime Pacific

New JV forms to target central London resi development sector

Hong Kong-based investment company Prime Pacific has formed a JV with investment company ED Group Holding Limited to target the central London residential development sector.

The JV aims to acquire residential development sites in London zone 1 and inner-zone 2 locations with planning consent.

It has set up a fund — named Paladin LBS UK Residential Fund I — with a target investment amount of $200m–300m (approximately £160m–241m).

It has appointed LBS Properties as its development manager and Global Land Technology as development monitor, with the intention of building developments to sell.

The JV has exchanged contracts on a 22-storey tower project in King’s Cross, which has planning consent for 54 apartments and ancillary commercial space.

Construction is due to commence in H1 2020 and will provide a mix of one-, two- and three-bedroom apartments.

Khoon Ng, CEO at 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.”

Gordon Crawford, chairman at ED Group, added: “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.”

Nick Crawford, managing director at LBS Properties, believed that it was fortunate to be working with partners which had extensive experience in residential development, both in London and globally.

“We are also excited to have secured our first development in King’s Cross, a submarket benefiting from unrivalled connectivity nationally and internationally, and extensive investment in local infrastructure in recent years.”

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