UAE-based Aldar Properties has acquired UK mixed-use and residential developer London Square for £230m.
The acquisition is Aldar’s first international acquisition outside the MENA region and is aligned with the company’s strategy of expanding into key and mature international markets.
Aldar said: “by exporting its expertise to the UK market through the acquisition of an established and reputable operating platform, the company will gain a meaningful foothold in the diverse and dynamic London property market, known for its resilience and enduring appeal to both local and international investors”.
London Square, which primarily operates across Greater London, has a diversified portfolio and delivers homes of all tenures, including as a registered provider of affordable housing.
Talal Al Dhiyebi, group chief executive officer of Aldar Properties said: “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.”
Adam Lawrence (pictured), founder and chief executive of London Square, added: “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 South East. 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.”
