Singaporean developer Oxley Holdings is to buy a 20% stake in house builder Galliard Group for £50m.
The company has entered into a subscription and shareholders agreement under which the Singapore-listed group will own a fifth of Galliard’s enlarged share capital.
Oxley’s chairman and chief executive Ching Chiat Kwong and deputy chief executive Low See Ching will be appointed as investment directors to the board of Galliard Group.
Galliard Group founder Stephen Conway is expected to continue as chairman and chief executive.
The deal follows Oxley’s UK debut in 2013 with its £200m acquisition of the Royal Wharf site in the Docklands, E14, from Ballymore and allows the two companies to capitalise on and leverage Galliard’s UK development knowledge.
Galliard currently has more than £1.6bn of forward sales across its 6,000-home development pipeline and has sites in planning with a completed value of £2bn.
Galliard already has a £1bn venture with Cain Hoy, and Conway said the Oxley deal would complement this.
Kwong said: “The synergies are obvious. Galliard is a London-centric developer that has a strong selling profile in Singapore.”
He added: “Oxley Holdings is a dynamic Singapore-based property development company with a rapidly growing London presence.”
