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UK property companies announce development venture

The new venture is seeded with Londonewcastle’s existing assets which have been purchased out of the Lloyds Banking Group and Londonewcastle portfolio, representing a clean brake between Londonewcastle and Lloyds Banking Group.

The portfolio consists of five key mixed use development sites across London consisting of up to 750 units totalling 800,000 square feet with a GDV in excess of £250million.

The joint venture presents a powerful new capability for both companies to expand the portfolio by aggressively pursuing new acquisition opportunities across London via outright purchase or co-investment, with or without planning permission.

Londonewcastle, led by Robert Soning and David Barnett, is a leading central London residential developer. Since inception in 1995, the business has developed over 500 units in the capital with a value of £405million in the last six years. The company has established a reputation as one of the top design led residential focussed mixed use developers in central London.

UK & European, led by Managing Director Barnaby Kelham, is a multi national property and investment company based in London. UKEI is part of the Lewis Trust Group, one of the largest privately owned companies in the UK with interests in fashion retailing (notably River Island, one of the leading fashion brands in Europe with over 250 stores), fund management, banking, private equity and hotel ownership and management.

The group operates in eleven countries around the world and employs more than 13,000 people. The real estate operations of UKEI comprise both direct and indirect investment and development across all real estate sectors in Europe, North America and Asia, from landmark office spaces to high quality residential communities, shopping centres and numerous commercial holdings.