Malaysian investor Eco World Investment is to develop three residential assets in the UK in a joint venture with Ballymore.
The deal will see the private Asian company take a 75% stake in the newly established joint venture company, Eco World-Ballymore.
Eco World, which launched late last year, is held by Tan Sri Liew Kee Sin and Dato’ Voon Tin Yow, with the pair holding respective 70% and 30% stakes.
Liew was previously president and chief executive at SP Setia Berhad, which has in the past taken part in joint ventures with the Employees’ Pension Fund of Malaysia.
In 2012, the company was selected as the preferred bidder for the redevelopment Battersea power station in a consortium with EPF.
Voon meanwhile, was COO at SP Setia Berhad.
The partnership will buy three developments from Ballymore for £428.7m (€333m).
In addition to holding a 25% equity stake in the joint venture, Ballymore will manage the developments, in London’s Canary Wharf and Nine Elms districts.
The three projects, which have a gross development value (GDV) of around £2.2bn (€2.8bn), are expected to be ready for sale this year.
Tan Sri Liew Kee Sin said Ballymore was an “ideal partner”.
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