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Forsters, Eversheds and BLP lead on investment into £3bn redevelopment project

Forsters, Eversheds and Berwin Leighton Paisner (BLP) have taken lead roles on a deal which has seen Hong Kong billionaire Henry Cheng Kar-Shun invest almost £500m in the £3bn Greenwich Peninsula project, one of the UK’s largest housing development schemes.

Cheng’s investment company Knight Dragon is set to buy a 60% stake in the development for £180m, while also providing an investment of about £300m.

The 60% stake comprises Australian project partner Lend Lease’s 50% share, as well as a further 10% from London property developer Quintain, which will retain the remaining 40%.

Forsters is advising Cheng and Knight Dragon, with Eversheds taking the lead role for Lend Lease and BLP advising Quintain. Eversheds’ team was led by corporate partner Rob Pitcher alongside lawyers from its corporate, property, tax and employment practice groups.

Forsters’ team is headed up by partners Penny Elliott and Craigie Pearson, who have acted for the Cheng family for more than a decade.

Quintain will continue to manage the Greenwich Peninsula project, which will include building 10,000 new homes, a 3.5m sq ft commercial district and public facilities along the river Thames, covering an area of 150 acres.

The investment is further evidence of the rapid rise of Asian investment into the UK. Last year, Freshfields Bruckhaus Deringer, Hogan Lovells and Ashurst took lead roles on the £4.7bn takeover bid for Northumbrian Water by a Hong Kong consortium led by Cheung Kong Infrastructure.

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