Ballymore in €2.8bn London residential property joint venture with Eco World
Developer Ballymore has announced a joint venture with Malaysia-based Eco World Investment to develop three large-scale residential projects in London, previously in the sole ownership of Ballymore.
Through the deal, EW Investment will take a 75pc stake in a newly established joint venture company called Eco World - Ballymore Holding Company with Ballymore holding a 25pc stake.
Eco World-Ballymore will then acquire the three developments from Ballymore for a total consideration of €547m.
In addition to retaining its 25pc equity stake, Sean Mulryan's Ballymore will manage the developments going forward.