A newly formed joint venture of Hong Kong-based developer C C Land Holdings Ltd. and private equity real estate firm Meyer Bergman Ltd. agreed to invest about £400 million in the redevelopment of a property in Queensway, London, along with an £850 million loan from funds managed by U.S. private equity firm Apollo Global Management Inc.

The 3.3-acre site, formerly the 1.1 million-square-foot Whiteleys shopping center, will be transformed into 153 apartments, a five-star hotel and a retail space featuring a combination of independent retailers, a gym, cinema, restaurants and cafes.

C C Land's share of the investment in the Meyer Bergman-owned asset will be £182 million.

The redevelopment is expected to complete in early 2023.