Topland Group has agreed a £200 million (approx. €252 million) equity joint venture focusing on central London and emerging areas in greater London with residential and planning gain specialist London Green.
Sol Zakay’s Topland will provide London Green with a cash warchest to source and quickly acquire residential property development and conversion projects where its expertise in planning risk can deliver enhanced returns.
To date, London Green has built in excess of 800 London homes. Established in 1998 by Philip Green, London Green initially focused on redeveloping large sites in up-and-coming areas. The first project completed was the redevelopment of Santley Primary School in Clapham, which involved planning consent for a change of use of a listed building, to create 45 apartments and 19 houses. Redevelopments followed all over the capital, including the construction of nearly 500 residences adjoining the Olympic Park in Bow.
The Topland-led partnership has already exchanged on its first deal within just two weeks of signing the joint venture agreement. The JV has exchanged contracts on an office with re-development potential in west London. It will be submitting a planning request for a residential led scheme with a GDV of in excess of £75m (approx. €94 million).
Topland’s structured finance director Tom Betts said: “This is another example of Topland’s appetite for joint ventures with best in class operators. It is a particularly strong pairing combining our structured finance, investment and asset management experience with London Green’s planning and development expertise. This is an exciting strategic partnership and we are looking forward to working closely with London Green and announcing a series of other joint projects”.
London Green director Philip Green added: “We are delighted to have secured our first transaction with Topland. The combination of London Green’s planning expertise and Topland’s financial strength will unlock development opportunities across London, deliver iconic residential-led schemes and capitalise on the strong market conditions.”