London Paramount Resort an 'ideal investment opportunity' as Chinese group puts up £100m
by Alice Davis | 20 Oct 2015
A rendering depicts how the entrance to London Paramount could look / 2015 Paramount Pictures Corp
The London Paramount Resort is among the first projects to benefit as the UK hosts the Chinese president this week in a bid to strengthen diplomatic ties and unlock more than £30bn (US$46bn, €41bn) worth of trade and investment deals.
Investment group SinoFortone is to provide £100m (US$155m, €136m) in funding for the theme park and resort development, the London Resort Company Holdings (LRCH) announced today (20 October).
As China’s president Xi Jinping begins his state visit to the UK, the two countries are continuing to solidify their relationship, with the British government expecting the creative, retail, energy, technology, financial and education sectors to gain from £30bn in inward investment.
The multi-billion-pound London Paramount Entertainment Resort will include a theme park, waterpark, events spaces, hotels plus other infrastructure and will be located in Ebbsfleet, North Kent. The leisure development was cleared for fast-track development following its categorisation as a “project of national significance” by the UK government in May last year.
“We are delighted that SinoFortone Group of China has decided to invest,” said London Paramount CEO David Testa. “This shows that our vision for London Paramount and its location in North Kent with excellent transport links to London, Europe and the rest of the world, is appealing to investors, residents and tourists alike.”
With London Paramount’s newly-revised opening date of 2021, it’s thought that SinoFortone – a joint venture between the Shenyang, China-based engineering, procurement and construction enterprise Liaoning Fortone Group and Hong Kong-based property developer Sinolink Holdings – will bring its expertise in construction to the table. The central areas of Paramount London were initially scheduled to open to the public in Q2 2020.
“London Paramount is an ideal investment opportunity given its excellent connectivity to the capital. We are delighted to act as a bridge from China to this major European and British project, and are excited to be able to make London Paramount a reality,” said a statement from SinoFortone Group.
“This investment supports President Xi Jinpeng’s important ‘One Belt One Road’ strategy, which encourages international infrastructure investment and trade relationships. Given the president’s October visit to the UK as a guest of Her Majesty The Queen, it is well timed,” SinoFortone said.
London Paramount – which is working with both the BBC and Aardman Animations – is expected to create 27,000 jobs and welcome 15 million visitors annually.
It was confirmed in May that architecture firm Farrells would be masterplanning the entire development, with Ray Hole Architects acting as core facilities architects.
Kleinwort Benson is the private bank overseeing both debt and equity fundraising for the London Paramount project.
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The London Paramount Resort is among the first projects to benefit as the UK hosts the Chinese president this week in a bid to strengthen diplomatic ties and unlock more than £30bn (US$46bn, €41bn) worth of trade and investment deals. Investment group SinoFortone is to provide £100m (US$155m, €136m) in funding for the theme park and resort development, the London Resort Company Holdings (LRCH) announced today (20 October). As China’s
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