The McCabe family’s Scarborough Group International ("Scarborough"), the UK and international real estate investor and developer, has secured funding for two major residential developments on the edge of Manchester from two publicly-listed Far Eastern property groups. The gross development value for the two schemes is around £600 million (approx. €753 million).
Scarborough has entered into a joint venture with Top Spring International Holdings Limited, a Hong Kong-listed real estate developer in the People’s Republic of China and Metro Holdings Limited, a Singapore-listed property development and investment group to develop Scarborough’s sites at phase II of Milliners Wharf, a canal side development in New Islington, Manchester, and Middlewood Locks, a 23.6 acre site at the western gateway of Manchester and centred around the former Manchester Bolton & Bury Canal.
Top Spring and Metro are making their first investments in the UK real estate market and will each hold 25% of the joint venture, with Scarborough retaining the 50% balance.
Kevin McCabe, Chairman of Scarborough, said: "I have known and worked with the Directors and management teams of Top Spring and Metro for many years through Scarborough’s extensive activities in China, and have the utmost respect for them.
Mr. Chun Hong Wong, Chairman and CEO of Top Spring, commented: "We have worked extensively with Scarborough in the People's Republic of China, over the last ten years, and are pleased to be continuing our partnership with them in the UK, along with Metro, to deliver two high-quality residential developments in an area of the UK where there is a shortage of good-quality housing supply".
Lt-Gen (Retd) Winston Choo Wee Leong, Chairman of Metro Holdings, added: "These Manchester projects are Metro's first foray into the UK real estate market, and with the Manchester residential market being particularly dynamic, we are confident that this investment will be a huge success.
"We are extremely pleased to be partnering with the Scarborough Group, a long-term trusted partner of both Top Spring and Metro, and a respected and experienced developer".