Capital & Counties Properties, otherwise known as 'Capco', says that it has entered into an agreement with some members of the Kwok family to form a 50:50 joint venture (JV) to redevelop its interest in and around Seagrave Road, London.
"We are delighted to have attracted such an experienced development partner whose investment represents a major vote of confidence in the London property market in general, and in this scheme in particular.," said Capco Chief Executive Ian Hawkworth.
The 7.6 acre site at Seagrave Road, already owned by Capco, is currently being use for a car park for the Earls Court Exhibition Centre, but the JV intends to build a "high quality, mixed tenure residential neighbourhood comprising 808 new homes and a range of amenities."
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Each party will own a 50% share of the JV, with Capco's interests valued at £131.2m. Total developments costs of the scheme are expected to be around £300m.
The Kwok family are major shareholders of Sun Hung Kai Properties, one of the largest real estate firms listed in Hong Kong.
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