London,
21
December
2016
|
16:09
Europe/Amsterdam

Law firm Howard Kennedy advise on major £60m ground rent sale

Law firm Howard Kennedy is advising Eco-World Ballymore JV on the sale of a major ground rent portfolio.

The sale includes ground rent receipts from more than 2,500 units across the three waterside development schemes – Embassy Gardens, SW8 (phase 2), London City Island, E14 (phase 2) and Wardian London, E14. The annual ground rent income from the portfolio exceeds £1.6m, with the sale having exceeded £60m.

The three schemes are being developed in a joint venture between Eco-World and Ballymore, with the ground rent portfolio being sold by the joint venture companies.

The three sites are all currently under development, with completions phased between 2018 and 2021.

The Howard Kennedy Real Estate team was led by Development and Projects Partner Kate Woodgate, with support from Real Estate solicitor Jenny Farrington.

Kate said:

Partner Kate Woodgate
This is a significant ground rent portfolio and attracted considerable interest, and we are delighted to be a part of this landmark deal.  Howard Kennedy has this year alone been involved in the sale of ground rent portfolios with a value exceeding £200m, with investors attracted to the stable and long term returns.
Partner Kate Woodgate

Dato' Teow Leong Seng, EcoWorld Ballymore Director, said:

This sale concludes a successful year for EcoWorld Ballymore, we have overseen the transaction of over £400m in private residential sales and confirmed two affordable housing deals. In an uncertain market the JV have exceeded expectations and we are on track for a strong 2017.
Dato' Teow Leong Seng, EcoWorld Ballymore Director

CBRE acted for Eco-World Ballymore JV as commercial agent. The CBRE team was led by Arthur McCalmont.

Arthur said:

In a turbulent economic and political environment, high quality large scale ground rent portfolios have become increasingly popular with investors looking for safe, secure income. EcoWorld Ballymore’s decision to transact at an optimum time meant they were rewarded with a fantastic receipt.
Arthur McCalmont
About Howard Kennedy

About Howard Kennedy

Howard Kennedy has 53 partners and numbers 350 people in total and works alongside national and international clients across many disciplines, including banking, corporate and commercial, family, finance, employment, dispute resolution, intellectual property, private client, real estate and tax. Howard Kennedy has particular focus on the Financial Services, Media and Technology, Real Estate, Retail and Leisure, Sports Individuals sectors.

Contact

Maitland, Public Relations howardkennedy-maitland@maitland.co.uk

Daryl Atkinson, Business Development & Marketing DirectorHoward KennedyDaryl.Atkinson@howardkennedy.com