A unit of real estate developer Xinyuan Real Estate Co. Ltd. paid £29.1 million to acquire a 50% equity stake in Madison Developments Ltd., the developer of the Madison Project residential development in London.

The seller is ED Jersey Ltd., a fully owned subsidiary of ED Group Holding Ltd.

The Madison Project has planning permission in place for a 53-story building with 423 residential apartments and 425 square meters of community facilities. All of the 104 affordable units and roughly 40% of the private units have been pre-sold, according to a release.

The project is expected to be delivered in the third quarter of 2020.