PETALING JAYA: Eco World International Bhd (EWI) has entered into a heads of agreement with Willmott Dixon to acquire a 70% interest in the latter’s residential development business for an undisclosed sum.
The property firm told Bursa Malaysia, it will partner with Willmott Dixon to develop 12 sites in Greater London and the South East of England.
EWI said the acquisition of a 70% stake in Willmott Dixon’s development management arm will provide it with a strong pool of talent and manpower to bring its UK business to greater heights going forward.
It will potentially increase EWI’s total presence in the UK fourfold by giving it access to a sizeable land bank of about 6,700 residential units with a total gross development value (GDV) of at least £2.5 billion (RM13.9 billion).
EWI said there is also a framework agreement in place for the development of a further 1,500 units, of which the GDV is too early to determine.
“This will add circa 8,200 units in addition to EWI’s current Prime Central London land bank of circa 2,500 residential units which is being developed under its existing joint venture with Ballymore.”
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