The deal represents Aldar’s first acquisition beyond the MENA region with London identified as a “key and mature international market.”
Aldar said it “intends to leverage its expertise and balance sheet to support London Square’s land acquisition strategy to enable it to develop larger and prime central London sites.”
Aldar added: “By exporting its expertise to the UK market through the acquisition of an established and reputable operating platform, 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.”
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties said: “Our 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’s management team, governance framework, and business model which has consistently delivered strong performance.
“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.”
Since its establishment in 2010, London Square has successfully created a development pipeline worth over £2bn and completed over 3,500 homes to date with a pipeline of 930 homes under construction worth £425m
Adam Lawrence, Founder and Chief Executive of London Square said: “This is an outstanding outcome for London Square. Aldar 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 Southeast.
“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.”