In relation to its deal with Willmott Dixon Holdings Ltd., Eco World International Bhd. said in a release that its Eco World Be Co. Ltd. will carry out the transaction on behalf of its parent.
The first stage of the two-phase deal to acquire a 70% stake in Willmott Dixon's development arm, Be Living Holdings Ltd., will have a gross amount of £85.5 million. Minus half of the warranty and indemnity insurance policy and 70% of the £20.5 million external finance debt upon completion, the transaction carries net consideration of approximately £65.0 million.
A total of 12 development projects will comprise the acquisition, with half of the properties to be acquired during the first stage. The Malaysian developer will also acquire a 70% interest in Be Living's development management entity. Upon completion of the transaction, Eco World will become a joint development manager of its British partner and will gain access to roughly 6,700 residential units, having a gross development value of at least £2.5 billion.