The development in and around Seagrave Road remains on track to commence in 2013 following the completion of the remaining formalities for the creation of a joint venture between Capital & Counties Properties PLC ('Capco') and entities in which certain members of the Kwok family are interested (the 'Kwok Family Interests').
The development will deliver 808 new homes and a new garden square for London.
On completion of the 50:50 joint venture, in accordance with the conditional agreement reached between the parties in December 2011, Capco received cash consideration of approximately £67 million (approx. 84.5 million) from the Kwok Family Interests for the 50% interest in the development, which includes the Seagrave Road site and other adjacent assets.
Source: CAPCO
