The UK developer London Square was completely acquired by the UAE developer Aldar, marking the company’s second significant foreign acquisition. The enterprise value of the deal is Dh1.07 billion, or 230 million pounds.
“The move is aimed at accelerating growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities,” said the Abu Dhabi mega-developer in a statement. Aldar made a specific mention of expanding its direct interests in mature overseas markets – and the UK and London specifically ticks that point in fine detail.
“Aldar 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,” the statement added.
Aldar and another Abu Dhabi investment firm, ADQ, acquired Sodic, an Egyptian developer of high-end residential communities, last year. The developer in the United Arab Emirates, who is enjoying a particularly prosperous year, has been investing its funds in a number of transactions and launches that are taking place outside of Abu Dhabi.
Aldar recently started another project, this time in Ras Al Khaimah, after launching its first in Dubai, where the initial releases sold out right away. Additionally, the developer in Abu Dhabi has maintained a robust supply pipeline throughout.
“Our recently announced international expansion strategy centers on exploring opportunities to acquire or partner with established operating platforms in our target markets”– Talal Al Dhiyebi, Group CEO of Aldar Properties
A sizeable portfolio
With support from Ares Management, London Square was founded in 2010 and has more than two billion pounds in development plans. With a value of 425 million pounds, it has completed over 3,500 homes and has 930 more under construction. Among the projects is the Nine Elms development, which is located near the iconic Battersea Power Station. (In actuality, the entire neighborhood is currently among London’s most fashionable mixed-use areas.)
At the “heart of central London’s largest regeneration area,” Nine Elms boasts over 750 luxury residences, along with affordable housing, rental apartments, and 21,500 square feet of commercial and retail space.
Aldar stated in the statement that, given the opportunity to profit from cross-selling across both companies’ diverse international customer networks, the purchase of London Square is anticipated to have a “positive impact on (Aldar’s) sales.” The development sales of the UAE entity reached Dh19.4 billion in the first nine months of 2023.
“The transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths,” said Talal Al Dhiyebi, Group CEO of Aldar Properties.
“We look forward to playing a leading role in tackling the (UK) housing shortage by providing more much-needed homes in the capital and surrounding areas where there is a continuing lack of supply” – Adam Lawrence, founder and Chief Executive of London Square
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