London property specialist Capital and Counties Properties (Capco) has completed the creation of a 50:50 joint venture (JV) with some members of the Kwok family, meaning the development in and around the Seagrave Road site in on track to begin next year.
The Kwok family are major shareholders of Sun Hung Kai Properties, one of the largest real estate firms listed in Hong Kong.
On completion of the JV, Capco received a cash consideration of around £67m from the Kwok family for its 50% share.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Ian Hawksworth, Chief Executive of Capco said: "We are pleased to have completed our joint venture agreement in relation to the Seagrave Road project and look forward to starting on site in 2013 to create this exciting new residential quarter for London."
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
