China's Poly Real Estate Buys London Land to Enter UK Real Estate Market
Liao Shumin
/SOURCE : Yicai
China's Poly Real Estate Buys London Land to Enter UK Real Estate Market

(Yicai Global) Feb. 9 -- Poly Real Estate Group Co., a unit of state-run China Poly Group Corp. has acquired a parcel in the Mill Park project in London, with a land area of 11.88 acres, for about GBP75 million (about USD105 million).

The land parcel is for residential use and the company owns 100 percent of the project, it said yesterday.

Poly Real Estate has never developed a project in the UK before, but once bought a property in London at 5 Fleet Place -- an office building project -- from Abu Dhabi Investment Authority for GBP145 million in Dec. 2015.

Poly Real Estate bought the plot from British real estate developer St. Modwen Properties PLC for GBP16.1. The parcel is part of the Millbrook Park property project and makes up 30 percent of its total developed area. The Millbrook Park project will build 2,240 new homes, of which Poly Real Estate will erect 706 (including 134 affordable ones) and 1,400 square meters of commercial and retail space.

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Keywords: Poly Real Estate Group , London , Mill Hill