UAE-based real estate developer, investor and manager – Aldar Properties – has acquired London-based developer, London Square, signalling its first international acquisition beyond the MENA region. The acquisition represents a value of £230m.
London Square operates several segments in its business including London Square Living, the company’s Build to Rent division. Its notable development projects include the Nine Elms development, strategically located close to the iconic Battersea Power Station. The scheme will deliver over 750 luxury homes, affordable housing, Build to Rent apartments, and 21,500 sq ft of commercial and retail space at the heart of central London’s largest regeneration area.
“This is an outstanding outcome for London Square. Aldar is an exemplary company with an unrivalled reputation and their strength and breadth of knowledge and experience will enable London Square to flourish and extend its presence across Greater London and the Southeast.
“Since establishing London Square in 2010, the company has enjoyed significant organic growth, with the support of Ares Management funds for the past nine years. We would like to thank Ares Management for their contribution to the success of London Square.
“Becoming part of Aldar is the beginning of an exciting new chapter for the future of London Square. We look forward to playing a leading role in tackling the housing shortage by providing more much-needed homes in the capital and surrounding areas where there is a continuing lack of supply.”
Adam Lawrence, Founder and Chief Executive, London Square
This acquisition aligns with Aldar’s strategic vision of expanding into key and mature international markets. The move is aimed at accelerating growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities.
By acquiring the London based developer, Aldar will gain a meaningful foothold in the diverse and dynamic London property market, which appeals to both local and international investors.
With a shared vision and approach to creating world-class developments anchored in high quality design, sustainability and customer service excellence, the acquisition represents a new phase of growth for both companies. It will also provide two-way benefits, delivering a positive impact for communities and bringing new opportunities to the customers each company serves.
“Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets. The acquisition of London Square represents our first market entry outside of the region, and is a testament to the company’s management team, governance framework, and business model which has consistently delivered strong performance.
“The transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths, shared values, and common approach to homebuilding to scale London Square while bringing the best of Aldar to bear in the UK’s property market, as we continue to build our foothold outside of the region.”
Talal Al Dhiyebi, Group Chief Executive Officer, Aldar Properties
London Square has successfully created a development pipeline worth over £2bn. The developer has currently completed over 3,500 homes and has a pipeline of 930 homes under construction, valued at £425m.
Source : BTRNews