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Developer Strawberry Star to buy £260 million mixed-use project in UK

London-based residential developer Strawberry Star plc signed an agreement to acquire a £260 million mixed-use development project in Luton, U.K., Property Week reported.

The 6.9-acre project, which has full planning permission, features 685 homes, a 200-bedroom hotel, as well as retail and leisure facilities, a medical and wellness center, and an improved public realm.

Strawberry Star Homes, a newly established unit of the company, is set to deliver the homes, targeting first-time buyers. Work on the project is scheduled to commence in the autumn of 2018, with delivery of the initial phase slated by the second half of 2021, the Feb. 15 report added.

Additionally, Strawberry Star wrapped up the listing of its Strawberry Star Real Estate PCC investment structure on The International Stock Exchange in Guernsey, U.K., to finance the acquisition. The structure holds £40 million in equity and plans to raise it to £150 million by 2018-end, with a target to raise a total equity of £500 million by 2020-end, the publication reported.