A Hong Kong-based investment company has brought a 60 per cent stake in Greenwich Peninsula Regeneration Ltd (GPRL).
Knight Dragon, an investment vehicle owned by chairman of New World development Dr Henry Cheng Kar-Shun, has purchased the share for £78.8 million. Quintain will retain a 40 per cent stake.
The GPRL currently has development rights for around 14 million sq ft of residential-led mixed-use development across more than 150 acres at Greenwich Peninsula, in east London.
Plans for the space include 10,000 new homes, a 3.5 million sq ft commercial district, as well as new shops, hotels, schools and public facilities.
"This is a transformational deal for Quintain and is the next step in realising the inherent value in our key London projects by attracting significant third party capital," said Maxwell James, chief executive of Quintain.
"Together, we are well placed to turn our vision for this landmark project for London into reality, creating thousands of homes and jobs in the process."
Author: Editor Gavin Pearson (email@example.com or 0207 202 0255)