QUINTAIN ESTATES revealed yesterday it has struck up a joint venture with Hong Kong billionaire Henry Cheng Kar-Shun, in a deal that will help kick-start one of the UK’s biggest housing projects.
The regeneration specialist said Cheng’s investment vehicle Knight Dragon has taken a 60 per cent stake in its Greenwich peninsular project, sending shares soaring 15 per cent yesterday.
Knight Dragon will buy Australia’s Lend Lease out of its 50 per cent stake while also buying 10 per cent of Quintain’s joint share in the 96 acre riverside scheme.
In exchange, Quintain will receive a £300m credit facility, helping the firm to bring forward the ambitious project to build 10,000 homes as well as shops, schools and hotels.
The deal will also return over £150m to Quintain’s balance sheet over the next six years.