Quintain, the London-focused property developer, has paved the way to complete one of the UK capital’s largest housing projects after teaming up with Hong Kong billionaire Henry Cheng Kar-Shun.
The company said on Monday that Mr Cheng’s Knight Dragon investment vehicle had taken on a 60 per cent stake in its £3bn Greenwich Peninsula development. Knight Dragon agreed to buy Australian developer Lend Lease out of its 50 per cent stake in the project and take over 10 per cent of Quintain’s half share.
Under the terms of the deal, Knight Dragon will inject £150m of cash into the Thames side scheme and provide a £300m credit facility. Quintain, which will not have to invest any new capital, will continue to manage the project, generating it about £4m a year in fees.