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The UAE-based developer, Arada, has agreed to acquire an 80% stake in Thameside West, a waterfront development in London’s Royal Docks.
The 12 billion dirhams ($3.26 billion) development will deliver at least 5,000 homes, with half of the site dedicated to green space and a kilometre of active waterfront.
The acquisition is Arada’s second large-scale investment in the London residential market, following its purchase of local developer Regal in September. The developer’s London pipeline now has 15,000 homes and plans to triple this to 30,000 units over the next three years.
(Writing by Farah Heiba; editing by Brinda Darasha)
