Singapore property developer Oxley has acquired a 20 per cent stake in Galliard, the leading London developer.
The £50m investment from the Singaporean firm follows Galliard's ambitious £225m joint venture with US investment fund Cain Hoy to expand building in the capital.
Galliard – London's second largest house builder with over £1.6bn of forward sales – is behind notable developments such as New Capital Quay in Greenwich and Harbour Central in Docklands.
Its new partnership could see Oxley boost its presence in London by capitalising on Galliard's operating network and contacts.
Galliard's chief executive Stephen Conway said:
We believe this milestone transaction by Oxley will create business opportunities for both Galliard and Oxley. The synergies are obvious. Galliard is a London-centric developer that has a strong selling profile in Singapore. Oxley is a dynamic Singapore-based property developer with a rapidly growing London presence.