UAE investor Aldar Properties has acquired London-based developer London Square in a 拢230m (鈧�267m) deal, in its first acquisition outside the Middle East and North Africa.
Founded in 2010, London Square received a 拢110m investment from Ares Management in 2014 for a majority stake in the company.
London Square is known for developing residential assets across Greater London and the South East of England and has created a development pipeline worth over 拢2bn.
The company鈥檚 divisions comprise private for-sale arm London Square Developments, London Square Partners, set up to work with the public sector, London Square Works, which focuses on developing high-quality space at its mixed-use developments, and London Square Living, a new build-to-rent division, which sources sites and develops them.
The company launched Square Roots an independent provider of affordable housing in 2021.
Apollo Global Management-backed Alder said the transaction is part of its strategy to grow its business by expanding into new markets and diversifying its sources of income. Aldar sees the UK market and London Square as key parts of its international expansion plan.
Talal Al Dhiyebi, group CEO of Aldar Properties, said: 鈥淥ur recently announced international expansion strategy centres on exploring opportunities to acquire or partner with established operating platforms in our target markets. The acquisition of London Square represents our first market entry outside of the region, and is a testament to the company鈥檚 management team, governance framework, and business model which has consistently delivered strong performance.
鈥淭he transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths, shared values, and common approach to homebuilding to scale London Square while bringing the best of Aldar to bear in the UK鈥檚 property market, as we continue to build our foothold outside of the region.鈥�
Adam Lawrence, founder and CEO of London Square, said: 鈥淎ldar 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.
鈥淪ince establishing London Square in 2010, the company has enjoyed significant organic growth, with the support of Ares Management funds for the past nine years. We would like to thank Ares Management for their contribution to the success of London Square.鈥�
To read the latest 91传媒在线 magazine click here.
