Xinyuan Real Estate, a real estate developer and property manager operating mostly in China and also in other countries, has acquired a 50 percent equity stake in London-based Madison Project for a consideration of 29.11 million pounds (about $40.9 million). The Madison Project is a site that will develop a 53- story building comprised of 423 residential apartments. Construction is expected to be completed for the third quarter of 2020.
BEIJING, March 21, 2018 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced that it has acquired, from ED Jersey Limited, a 100% owned subsidiary of ED Group Holding Limited (“ED Group”), 50% equity stake in Madison Developments Limited (“MDL”), the developer of the Madison Project at Marsh Wall, London E14 9YT, via Xinyuan’s 100% subsidiary Xinyuan International (HK) Property Investment Co., Limited for a total consideration of GBP 29.11 million.
The Madison Project site extends to 0.38 hectares (or approximately 0.94 acres) and is located adjacent to Canary Wharf, one of Europe’s largest commercial centres. The planning permission was granted in March 2015 for the site to develop a 53 story building comprised of 423 residential apartments, including 319 private apartments and 104 affordable apartments, with approximately 425 sq. meters of community facilities. Construction is currently underway and its project completion is expected for the third quarter 2020. To date, approximately 40% of the private apartments have been pre-sold and 100% of the affordable apartments have been pre-sold.
Mr. Yong Zhang, Xinyuan’s Chairman, commented, “We are pleased to announce this equity investment in MDL. This is our first step in the UK real estate market and an important milestone for Xinyuan’s international expansion strategy. While China remains our core market, we would like to take advantage of our experience in overseas investment and join hands with competitive local partners, and are confident that our investment in MDL will generate favorable returns for our shareholders.”
Mr. Gordon Crawford, Chairman of ED Group, commented. “We are pleased to welcome Xinyuan Real Estate as our partner in this project. The Madison is set to be a landmark building in Canary Wharf, a location we believe will benefit over the coming years, especially upon the arrival of Crossrail later this year. We look forward to working with Xinyuan on their debut investment in the UK to establish a successful, long term partnership.”
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries. In China, the Company develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi’an, and Suzhou. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. The Company aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.
About Madison Developments Limited
Madison Developments Limited is a subsidiary of ED Group Holding Limited, a privately owned Jersey-based investment company with investments in real estate, technology and financial services in the UK, Europe and North America. The project is being managed by LBS Properties, a property development and investment management company specialising in the residential and commercial sectors of the London market.