LBS Properties appointed as Development Manager for £17m JV King's Cross development
A new joint venture between investors Prime Pacific and ED Group has outlined plans to inject up to £240m into London’s residential market, kicking off with the purchase of a £17m scheme in King’s Cross.
The 22-storey development, known as Brill Place, has planning consent for 54 flats and commercial space.
Construction of the mix of one, two and three bedroom apartments is due to begin in the first half of 2020.
The JV between the investors has been set up as the Paladin LBS UK Residential Fund, with a total target of investment of $200m-300m (£160m-241m).
The venture aims to acquire residential development sites with planning consent in London’s zone 1 and inner zone 2 locations, pursuing a build-for-sale strategy.
The joint venture has appointed LBS Properties to oversee its developments and implement its investment strategy.
Prime Pacific chief executive Khoon Ng said: “With the number of new starts at the lowest level since 2012, the inelastic housing demand and the weakening pound, the next 12 months will be a good time to capitalise on this investment hotspot in the UK.”
Chairman of ED Group Gordon Crawford added: “Prime Pacific, along with its affiliated companies, has unrivalled expertise in financing and delivering residential-led development in Asia.
“We believe the combination of this expertise with ED Group and LBS Properties’ exemplary track record in London, will position the partnership excellently to deliver on its ambitions in the coming years.