New $300m jv buys King’s Cross resi
Hong Kong’s Prime Pacific has entered into a joint venture with ED Group Holding to buy central London residential schemes, starting with a £17m project in King’s Cross.
The jv has been set up as a fund with a total target investment amount of $200-300m.
It has exchanged contracts on its first project, known as Brill Place, a 22-storey tower project in King’s Cross, which has planning consent for 54 apartments and ancillary commercial space.
Hong Kong’s Prime Pacific has entered into a joint venture with ED Group Holding to buy central London residential schemes, starting with a £17m project in King’s Cross.
The jv has been set up as a fund with a total target investment amount of $200-300m.
It has exchanged contracts on its first project, known as Brill Place, a 22-storey tower project in King’s Cross, which has planning consent for 54 apartments and ancillary commercial space.
Brill Place is located directly adjacent to St Pancras International Station, and is a short walk from Granary Square.
Prime Pacific is a relatively new affiliate set up by Paladin Asset Management, of which Ng is also chief executive. Paladin Asset Management is an investment group affiliated with Country Garden, China’s largest developer by sales.
Ed Group is a privately owned investment company, with interests in real estate and technology in the UK, Europe and North America.
The joint venture has appointed LBS Properties as development manager, and Global Land Technology, an affiliate of Prime Pacific, as development monitor to implement its investment strategy and manage its development projects.
The joint venture will aim to acquire residential development sites with planning consent in London Zone 1 and inner-Zone 2 locations, and will pursue a build-for-sale strategy.
The King’s Cross project will provide a mix of one, two and three-bedroom apartments. Construction is due to commence in the first half of 2020.
Khoon Ng, chief executive of Prime Pacific, said: “Prime Pacific is extremely excited to partner with ED Group to create an investment platform for Asian investors with keen interest to invest in the London residential market.
“With the number of new starts at the lowest level since 2012, the inelastic housing demand, and the weakening GBP, the next 12 months will be a good time to capitalise on this investment hotspot in UK.”
JLL acted for the London Borough of Camden on the land disposal.
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