EcoWorld London has reached an agreement with United Overseas Bank (UOB) and Bangkok Bank for a £94m development funding facility.
The agreement will speed up the development of Verdo-Kew Bridge development, 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.
Heng Leong Cheong, Chief Executive of EcoWorld London, said: “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, added: “Agreeing to 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.”
Marketing Suite Preview Weekend takes place 6th and 7th April 2019. Register your interest on the development website.