EcoWorld London Secures £94m Financing Facility for Verdo-Kew Bridge Development – EcoWorld London™ Message

EcoWorld London secures £94m Financing Facility for Verdo-Kew Bridge

EcoWorld London is delighted to confirm that it has reached an agreement with United Overseas Bank (UOB) and Bangkok Bank for a £94m development funding facility.

The milestone agreement will accelerate the development of EcoWorld London’s latest project, Verdo-Kew Bridge in West London, including the completion of the new Brentford Community Stadium in 2020.

The facility, which has a four-year term, is split equally between UOB and Bangkok Bank and will be used to deliver crucial up-front infrastructure works and help facilitate the creation of over 900 homes in Brentford.

  • EcoWorld London, UOB and Bangkok Bank

Part of Brentford’s wider multi-million pound regeneration project, Verdo-Kew Bridge will comprehensively regenerate three existing ‘brownfield’ parcels of land in Brentford, TW8 situated next to Kew Bridge Railway Station. The mixed-used project will incorporate 900 new homes, a new 17,250-seater community stadium for Brentford Football Club (BFC), as well as mix of shops, restaurants, cafes and landscaped gardens. The scheme will also be an important generator of local economic and social benefits, providing over 200 local employment opportunities per annum until expected completion in 2023.

The mix of homes for both sale and rental across the scheme means that Verdo-Kew Bridge will provide much needed new homes in London on an accelerated delivery programme compared to a traditional housing for sale development. Approximately half of the new homes will be Build-to-Rent (BtR), which were acquired by Invesco Real Estate in Q4 2018 on behalf of one of its international clients in an agreement valued at nearly £400m.

Set to transform the local neighbourhood by creating a vibrant new destination in West London, Verdo–Kew Bridge represents an important milestone in EcoWorld London’s rapidly expanding presence in London and the South East. All of the homes will deliver EcoWorld’s London outstanding contemporary living, alongside a comprehensive set of premium amenities including a 24-hour concierge service, a private residents’ lounge, gym and multimedia room.

Construction of the Brentford Community Stadium is in the advanced stages of its build and is due to complete next year. Works have also begun on the BtR element of the development and the first phase of homes for private sale will be released to the market early this month. Prospective buyers will be able to visit the new marketing suite to learn more about the development which will be newly opened from 10.00am, Saturday 6th April. Further information can be found at https://bit.ly/VerdoPreview.

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Heng Leong Cheong, Chief Executive of EcoWorld London, commented: “We are delighted that we have secured this funding agreement with UOB and Bangkok Bank and for their trust and confidence in the quality of the EcoWorld product. Being an international business as part of the wider EcoWorld Group, we are able to build and leverage on our strong existing relationship with some of the foremost financial institutions in Asia like UOB and Bangkok Bank. This deal is a strong testament to the confidence that we share in the sustained attractiveness of the UK property sector despite the ongoing challenges of a pre-Brexit market and we are actively pursuing deals of similar scale and quality that we can complete in the near future.”

Chris Scott, Chief Finance Officer of EcoWorld London, said: “Agreeing this funding facility represents a pivotal moment in the delivery of Verdo-Kew Bridge and it was a pleasure to work with UOB and Bangkok Bank, who are both immensely supportive of EcoWorld London’s ambitions for the UK market. The deal will prove instrumental in bringing to fruition Brentford Football Club’s long-standing dream of opening a new world-class stadium, unlock the connectivity of the site and deliver the homes and infrastructure key to creating a vibrant and sustainable community with the Community Stadium at its heart.”

Verdo - Kew Bridge

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