Two major real estate companies, Lendlease and Daiwa House, have partnered to build and sell 259 new apartments in two buildings at Elephant Park in central London.
This is the first time that Daiwa House, one of Japan's largest home builders, has built and sold new homes in the UK.
Australian real estate group Lendlease will develop and build the new homes, which have an estimated value of £250 mln (€287 mln).
Lendlease will also keep a 25% share in the project, which will be the final stage of residential development at Elephant Park.
Lendlease’s European CEO, Andrea Ruckstuhl, said: ‘This deal is a significant vote of confidence in the property market in the UK. We’re very pleased to be able to bring Japanese investment here and it’s another illustration of the desire that international investors have for high quality opportunities across our global pipeline of projects.’
The president and CEO of Daiwa House, Keiichi Yoshii, added: ‘I am very excited right now. This is because this is Daiwa House’s first project in the UK. We would like to thank everyone involved, including Lendlease, for giving us this opportunity.’
The two companies have a strong working relationship, having previously partnered on a mixed-use building in Manhattan and a build-to-rent development in Melbourne.
Elephant Park is a vibrant part of central London and the development is a short walk from London Underground and Thameslink stations, giving residents easy access to the West End, City, and Canary Wharf within 15 minutes.
Residents of the new buildings will have access to a communal gym, elevated garden, SkyLounge, 24-hour concierge service, and cycle storage. The apartments are expected to be ready for occupation in mid-2026.
