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Eco World Investment Co Ltd (EW Investment), a Malaysian-owned private vehicle based in Britain, entered into an agreement with Ballymore Group to develop three residential projects in London worth 2.2 billion pounds ($3.34 billion), the firm said in a statement on Monday.

The two firms formed a joint venture company that will acquire the three sites from Ballymore Group for 428.7 million pounds.

EW Investment's owners Liew Kee Sin and Voon Tin Yow were former chief executives of S P Setia, Malaysia's largest property developer.

Liew said the partnership brings together Ballymore's "expertise" in developing projects and EW Investment's "strengths in marketing such developments globally."

Liew is a board member of Malaysian property developer Eco World Development Group. It is raising 1.87 billion ringgit ($523.4 million) for Malaysia's first property special purpose acquisition company (SPAC).

Dublin-based Ballymore said last May it was hunting for a partner to help finance and develop projects to build 3,000 homes in London, as Irish banks retreat from property lending following the financial crisis.

 

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