Capco receives milestone payment for Seagrave Road

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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.

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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