EcoWorld London secures £94m in dev finance
EcoWorld London has secured a £94m development funding facility from United Overseas Bank and Bangkok Bank.
It is split equally between UOB and Bangkok and has a four-year term.
The finance will accelerate development of its 900-home Verdo-Kew Bridge scheme in west London, which includes the completion of the 17,250-seat Brentford Community Stadium, with further commercial and leisure space.
EcoWorld London has secured a £94m development funding facility from United Overseas Bank and Bangkok Bank.
It is split equally between UOB and Bangkok and has a four-year term.
The finance will accelerate development of its 900-home Verdo-Kew Bridge scheme in west London, which includes the completion of the 17,250-seat Brentford Community Stadium, with further commercial and leisure space.
The development seeks to regenerate three brownfield parcels of land next to Kew Bridge Railway Station in Brentford with full completion expected in 2023.
Around half of the 900 homes will be delivered as build-to-rent homes, which were acquired by Invesco Real Estate in Q4 2018 on behalf of one of its international clients in an agreement valued at nearly £400m. The remaining units will be for market sale. All of the homes will have access to EcoWorld’s 24-hour concierge, residents’ lounge, gym and multimedia room.
Heng Leong Cheong, chief executive of EcoWorld London, said: “Being an international business as part of the wider EcoWorld Group, we are able to build and leverage on our strong existing relationship with some of the foremost financial institutions in Asia like UOB and Bangkok Bank.
“This deal is a strong testament to the confidence that we share in the sustained attractiveness of the UK property sector despite the ongoing challenges of a pre-Brexit market and we are actively pursuing deals of similar scale and quality that we can complete in the near future.”
Chris Scott, chief finance officer at EcoWorld London, added: “The deal will prove instrumental in bringing to fruition Brentford Football Club’s long-standing dream of opening a new world-class stadium, unlock the connectivity of the site and deliver the homes and infrastructure key to creating a vibrant and sustainable community with the Community Stadium at its heart.”
Construction of Brentford Community Stadium is due to complete next year. Work has begun on the BTR element and the first phases of homes for private sale will be released to the market this month.
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