Aldar Properties Makes Debut Beyond Middle East, Acquires UK's London Square

01 Dec, 2023

Aldar Properties Makes Debut Beyond Middle East, Acquires UK's London Square

Aldar, a UAE-based developer, solidified its international footprint with its second major overseas acquisition, acquiring the entirety of UK developer London Square for an enterprise value of Dh1.07 billion (or 230 million pounds).

The move signifies Aldar's intent to escalate growth, diversify revenue streams, unlock synergies, and tap into cross-selling opportunities, stated the Abu Dhabi mega-developer. Specifically highlighting its aim to expand interests in established overseas markets, the UK, particularly London, aligns with Aldar's strategic objectives.

This acquisition grants Aldar a substantial foothold in London's diverse and dynamic property market, renowned for its resilience and appeal to both local and global investors, according to the developer's statement.

Last year, Aldar, along with ADQ, an Abu Dhabi investment company, acquired Sodic, an Egyptian upscale residential developer, showcasing a financially robust year for the UAE-based developer. Aldar has been actively deploying its capital in deals outside Abu Dhabi, recently launching successful projects in Dubai and Ras Al Khaimah while maintaining a strong pipeline in its home market of Abu Dhabi.

Talal Al Dhiyebi, Group CEO of Aldar Properties, emphasized their international expansion strategy, focusing on acquiring or partnering with established platforms in target markets.

London Square, established in 2010 with Ares Management's support, boasts a development pipeline valued at over 2 billion pounds. With over 3,500 completed homes and an additional 930 units under construction, including the prestigious Nine Elms development, London Square significantly contributes to London's evolving mixed-use landscape.

Aldar anticipates a positive impact on sales through cross-selling opportunities across their diverse international customer networks. This synergy-driven transaction enables Aldar to leverage mutual strengths, enhancing its ability to address housing shortages and contribute more homes to the UK's capital and its surrounding areas, noted by Adam Lawrence, founder and Chief Executive of London Square.