ECE and Art-Invest partner on £190m luxury resi
German investors ECE and Art-Invest Real Estate have formed a joint venture to develop a £190m luxury residential scheme in London’s West End, W1.
The duo will develop 88 private apartments, 35,000 sq ft of commercial space and 15 affordable homes on Cleveland Street.
Dukelease is a development partner on the scheme, and completion is expected in 2021.
German investors ECE and Art-Invest Real Estate have formed a joint venture to develop a £190m luxury residential scheme in London’s West End, W1.
The duo will develop 88 private apartments, 35,000 sq ft of commercial space and 15 affordable homes on Cleveland Street.
Dukelease is a development partner on the scheme, and completion is expected in 2021.
The investment is ECE’s first in the UK, where it is pursuing residential opportunities. ECE specialises in shopping centre development and management in Europe. It has a €33 bn portfolio of 195 centres under management. It also develops large-scale commercial and residential schemes.
The project is also Art-Invest’s first UK development. The Cologne-based developer and investor has to date focused on offices, retail, hotel and data centres in Germany. It recently announced the opening of its new London office and is targeting early stage investments.
ECE’s chief investment officer, Henrie W Koetter, said: “The project in collaboration with Art-Invest Real Estate, who are one of the most respected investor developers in Europe, was a unique opportunity to enter this sector for the first time.”
Art-Invest Real Estate UK’s managing partner, Ali Abbas, said: “Our partnership with ECE on this development is underpinned by our local expertise and capability to originate, execute and deliver, and we are delighted to be working with them on this exciting project.”
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