Abu Dhabi-headquartered Aldar Properties has completed its £230m acquisition of London Square.
The deal for the London-based developer marks the £10bn master developer’s first international acquisition beyond the Middle East and North Africa region.
Aldar said it shared London Square’s vision and approach to creating “world-class developments, anchored in high-quality design, sustainability and customer service excellence”.
The deal represents a new phase of growth for both entities.
Aldar intends to leverage its expertise and its balance sheet to support London Square’s land acquisition strategy to enable it to develop larger and prime central London sites.
London Square founder and chief executive Adam Lawrence said: “This is an outstanding outcome for London Square.
“Aldar is an exemplary company with an unrivalled reputation and its strength and breadth of knowledge and experience will enable London Square to flourish and extend its presence across Greater London and the South East.
“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.”
Aldar is the largest real estate group in Abu Dhabi, and one of the largestin the MENA region.
Aldar’s group chief executive Talal Al Dhiyebi said: “Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets.”
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