Eco World International Bhd’s (EWI) 70% owned UK joint-venture (JV), Eco World London Ltd, has signed heads of terms with Invesco Real Estate and its investors on a built-to-rent development valued at £400 million (RM2.1 billion).
EWI, in a filing with Bursa Malaysia yesterday, noted the deal involves the development of more than 1,000 new build-to-rent homes on two sites in Kew and Barking in London. The project comes on the heels of EWI’s eighth site acquisition under a JV with Willmott Dixon on Aug 20, 2018. EWI executive vice chairman Tan Sri Liew Kee Sin said the company sees great potential in the UK build-to-rent market which can become a key growth driver for EcoWorld London.
EcoWorld London will complete the construction of the developments to the high specifications agreed with the investors and will then undertake the long-term management of the assets on their behalf. Planning permission has been secured for both sites and development work has already commenced with construction due to complete in stages from 2020 onwards. As both parties head into a period of exclusivity, the detailed contractual arrangements are targeted to be concluded by end-October 2018.