Arada, the Dubai-based developer which took its first step into the international market last year in Australia, has continued its expansion by acquiring a 75% share in London-based Regal.
Regal has a workforce of around 150 people and has to date built over 4,000 residential units together with 1 million sq ft of commercial space. As part of the deal, the company will re-brand as Arada London and see an initial investment of AED2.5bn (£500 million) to triple its pipeline – currently 10,000 units spread over 11 projects – over the next three years.
Since being founded in 2017, Arada has launched 10 successful projects across the UAE, including Aljada, one of the country’s largest mixed-use megaprojects, three master plans of the bestselling Masaar forested community and Armani Beach Residences at Palm Jumeirah.
In Australia, it has nine upcoming developments totalling 5,000 units, located across New South Wales. The value of Arada’s projects across both the UAE and Australia totals to over AED95bn (£19bn), comprising over 42,000 units, of which 10,000 have already been delivered.
His Highness Sheikh Sultan bin Ahmed Al Qasimi, chair of Arada, said: “London is one of the world’s leading cities, and our expansion into this market represents a strategic step for Arada in response to the strong demand for residential space. This investment provides a significant opportunity to accelerate the delivery of new residential assets in London, fully aligned with Arada’s long-term strategy to develop high-quality projects that enable people to live healthier and more prosperous lives.”
Ahmed Alkhoshaibi, group CEO at Arada, said: “We have been impressed by the platform the Regal team has built, as well as the inspirational schemes they are delivering, which reflect our own, long-term focus on experience, amenity and the customer. Leveraging Arada’s extensive design and placemaking capabilities, delivery track record and capital resources, we are well placed to support Regal’s evolution and unlock new opportunities for growth.”
As part of the transaction, Regal’s executive team, as well as the company’s founders, will all stay with the business.
Jonathan Seal, chief executive of Regal, commented: “With nearly 30 years of successful partnerships behind us, Regal has built a reputation for aligning with businesses that share our long-term vision and deep understanding of the real estate industry. It is in this spirit that we have carefully chosen Arada as our partner, a business that shares our values and confidence in the London residential market and our management team’s ambition to continue growing market share and shaping the London skyline.”
