A real estate fund managed by Morgan Stanley Alternative Investment Partners (“Morgan Stanley”) has entered into a co-investment with an AREA Property Partners (“AREA”) fund, and Mount Anvil on Eagle House (City Road, EC1).
Under the terms of the co-investment agreement, Mount Anvil, AREA and Morgan Stanley will together fund all capital necessary to complete the development. The project has a gross development value of £160m and the first apartments and commercial units will become available in autumn 2014.
David Boyle, Managing Director and Chief Investment Officer of AIP Real Estate, said:
“We are very pleased to be partnering with AREA and Mount Anvil. We think there are many significant real estate investment opportunities in the mid-market London residential sector, and this co-investment allows our partners to benefit from AREA and Mount Anvil’s expertise in this market segment.”
Will Westbrook, Director of AREA commented:
“This transaction represents the ninth London residential development project that AREA has acquired with Mount Anvil. We continue to believe that this sector provides very compelling returns in delivering high quality product to the inner boroughs of London where the supply and demand imbalance remains most pronounced.
Killian Hurley, Executive Chairman of Mount Anvil, added:
“Well located, quality schemes like Eagle House attract great partners and we are very pleased to be continuing our successful relationship with AREA, as well as our first partnership with Morgan Stanley.”
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