ABU DHABI (Reuters) -United Arab Emirates real estate developer Arada, backed by Gulf royals, will acquire a majority stake in London’s Thameside West mixed-use development, it said in a statement on Monday, following the launch of its UK business in September.
Arada will take an 80% stake in the riverfront development in London’s east which has a gross development value of 2.5 billion pounds ($3.29 billion) and plans to deliver at least 5,000 homes, the statement said.
The first phase of the project is expected to deliver 1,000 homes, with construction expected to begin in 2027, Arada said.
“Our entry into this market was grounded in our unwavering faith in London and its attractiveness as one of the world’s leading capital cities,” said Arada Chairman Sultan bin Ahmed Al Qasimi, a member of Sharjah emirate’s ruling family.
Gulf property developers have registered strong growth, driven by rising demand and increased investment as regional oil and gas producers accelerate diversification strategies. Several have launched development arms in Britain through subsidiaries or joint ventures as a way to diversify operations.
Arada’s acquisition of Thameside West increases its London development pipeline to 15,000 homes, part of a broader strategy to triple its London residential pipeline to 30,000 properties over the next three years.
($1 = 0.7606 pounds)
(Reporting by Rachna Uppal; Editing by Jamie Freed)
