Abu Dhabi-based real estate firm, Aldar Properties, said it has bought the developer behind the Nine Elms shopping complex at Battersea Power Station for £230m. 

The developer, London Square, was founded in 2010 and has a development pipeline worth over £2bn, including the Nine Elms development.

Aldar Properties’ Chief Executive Officer Talal Al Dhiyebi said in a statement on Friday that the purchase is the firm’s first market entry outside the Middle East and forms part of its international expansion strategy.

The company said the deal “is aligned with Aldar’s strategic vision of expanding into key and mature international markets”.

 

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London Square’s Founder and CEO, Adam Lawrence, said the merger will enable it to grow and provide more homes in the UK’s capital and across the South East.

He said the company has grown significantly since private equity firm Ares Management invested nine years ago.

The deal comes after Abu Dhabi firm Redbird IMI’s bid for UK media company The Telegraph Group stalled as UK regulators start an inquiry this week.

Source: Proactive Investors

 

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