An Abu Dhabi real estate firm has snapped up British property developer London Square today in a £230m deal.
Aldar Properties said on Friday morning it was expanding outside of the Middle East for the first time after securing the takeover of the London-based firm.
London Square was founded in 2010 and is known for the Nine Elms development near to Battersea Power Station.
The firm said it has created a development pipeline worth over £2bn, with some 3,500 homes completed and a further 930 under construction.
Aldar said the move is aimed to give the firm a “meaningful foothold” in the capital as it pushes forward with growth plans.
“Our recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets,” said Talal Al Dhiyebi, group chief executive officer of Aldar Properties.
“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.”
Adam Lawrence, founder and chief executive of London Square, added the deal was 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,” he said.
“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.”
Additional reporting by Henry Saker-Clark, Press Association