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E.D. Capital Limited has been appointed to administer a joint venture between a Jersey-based property investment group and a NYSE-listed Chinese real estate developer and property manager.
Xinyuan Real Estate Co., Ltd. (Xinyuan) has acquired, via its 100% subsidiary Xinyuan International (HK) Property Investment Co Ltd, a 50% equity stake in Madison Developments Limited, which is developing The Madison, a 53-storey mixed residential and commercial development next to Canary Wharf in London. The remaining 50% stake will be retained by ED Jersey Limited, a 100% owned subsidiary of property investment company ED Group Holding Limited.
E.D. Capital Limited is a boutique trust company headquartered at Jersey's International Finance Centre. Director Jamie Crawford said, "E.D. Capital Limited was granted a Trust Company Business Licence by the Jersey Financial Services Commission in 2017 and we anticipate this project to be the first such joint venture as our business expands to service both our parent company, ED Group, and other third-party clients. The Madison will be a landmark building on what is one of Europe's largest commercial centres and we are delighted to be appointed to administer the JV between ED Group and Xinyuan."
The Madison project site covers almost one acre of land. Planning permission was granted in March 2015 to develop 423 residential apartments, including 319 private apartments and 104 affordable apartments, approximately 425 sq. metres of office space and extensive, new landscaped public gardens. Construction has begun, and completion is expected in 2020. To date, approximately 40% of the private apartments and 100% of the affordable apartments have been pre-sold. The project is being managed by LBS Properties, a property investment company that focuses on residential and commercial property developments in London.
