ECE has entered into a joint venture with Art-Invest Real Estate UK for the development of a €213m (£190m) residential project in the heart of London’s West End. The partnership will develop 88 luxury apartments, 35,000ft² of commercial space and 15 affordable housing units on a one-acre site on Cleveland Street in London W1. Its co-development partner is Dukelease, and completion of the project is scheduled for 2021. ECE considers the joint venture development as an opportunity to build up its UK experience and to add their own long-term expertise in real estate development.
Commenting on the investment into the Cleveland Street project, ECE’s Chief Investment Officer, Henrie W. Koetter, said: “We are very positive about the long-term prospects for UK real estate. The project in collaboration with Art-Invest Real Estate, which is one of the most respected investor developers in Europe, was a unique opportunity to enter this sector for the first time”.
Art-Invest Real Estate UK’s Managing Partner, Ali Abbas, commented: “ECE is a natural joint venture partner for us on our first development in the UK. Its approach to real estate and its commitment to excellence is completely aligned with our strategic values. Our partnership with ECE on this development is underpinned by our local expertise and capability to originate, execute and deliver and we are delighted to be working with them on this exciting project.”
