Abu Dhabi's Aldar Properties has competed the acquisition of the London-based developer, London Square, for an enterprise value of 1.07 billion dirhams ($291 million) in its first foray beyond the MENA region.

The move is "aimed at accelerating growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities," the ADX-listed real estate developer and investor said in a statement.

Aldar, which built Abu Dhabi's Formula One racing circuit, reported a Q3 2023 net profit of AED 900 million, 48% higher year-on-year.

(Writing by Brinda Darasha; editing by Seban Scaria)