Real estate firm Aldar Properties (Aldar) acquired London Square, a Europe-based developer, on Friday, valued at 1.07 billion United Arab Emirates dirhams ($291 million) marking its first international acquisition beyond the MENA region.
The Abu Dhabi-based firm said it aims to accelerate growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities, along establishing a strong presence in both international and local market.
Aldar said, with its expertise and financial strength, the company owned by Alpha Dhabi Holding looks to develop London Square’s large and prime central sites. Additionally, the firm said, it anticipates enhancing sale through cross selling across both the companies to diversify international customer network.
London Square operates diverse segments across its business, which in turn boosts Aldar to gain exposure in new arenas for its portfolio, said the firm.
“The 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’s property market, as we continue to build our foothold outside of the region,” said Talal Al Dhiyebi, CEO of Aldar.
Adam Lawrence, chief executive of London Square 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.”
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