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Malaysian property developer EcoWorld has agreed to purchase a 70% stake in Willmott Dixon's residential development business, Be Living.
The deal, which is expected to be formalised in December, will see the two companies team up to jointly develop 12 sites in Greater London and the South East of England.
In addition, it will increase the Malaysian developer's presence in the UK by giving it access to a land bank of around 3,700 residential units with a total gross development value of at least £2.5 billion.
There is also a framework agreement in place for the development of a further 1,500 units, adding to around 8,200 units in addition to the EcoWorld International group's current Prime Central London land bank of circa 2,500 residential units, which is being developed under its existing joint venture with Ballymore.
Tan Sri Liew Kee Sin, Executive Vice Chairman of EcoWorld International, said: "Today's announcement is hugely significant for EcoWorld International. After considering numerous proposals offered to us we are delighted to be partnering with a company of the experience and stature of Willmott Dixon in a deal that potentially expands our presence in the UK to four times our current size."
Rick Willmott, Chief Executive of Willmott Dixon, said: "The proposed investment, by EcoWorld International, is the culmination of our long-term strategy to inject additional capital to support Be Living's growth plans as a stand-alone business following its demerger from Willmott Dixon last year.
"EcoWorld International is a great fit for Be Living, both culturally and in its ambition. The company shares our focus on high-quality residential developments that create a sense of place and legacy, and our ability to accelerate the delivery of housing on regeneration sites by combining homes for rent with private sale was also a key attraction for EcoWorld International. 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."
(LM/MH)
