Ballymore Seeks Venture Partner for 3,000 New London HomesNeil Callanan
Ballymore Properties Holdings Ltd., the developer of the new U.S. embassy in London, is seeking a venture partner to finance and develop about 3,000 homes, leisure facilities and offices on three plots in London.
The projects will be valued at about 2 billion pounds (3.4 billion) on completion, Dublin-based Ballymore said in a statement today. The plots are at Arrowhead Quay and London City Island near the Canary Wharf financial district in east London and in Nine Elms on the south bank of the River Thames, where Ballymore is developing the new U.S. embassy.
“This portfolio is one of the largest and most significant residential development opportunities to be offered in central London,” Ballymore Chief Executive Officer Sean Mulryan said in the statement. “The three projects are located in very different areas, offering diversity in both geography and price point.”
A lack of new homes in London has helped values spiral upward. Asking prices rose to a record 592,763 pounds ($997,000) this month, Rightmove Plc said yesterday. Ballymore will use the funds raised to reduce its debt to the National Asset Management Agency, Ireland’s bad bank, according to the statement.
Lazard Ltd. and CBRE Group Inc. are advising the developer on the search for a partner.