Dubai-based master developer bought green-lit east London scheme from Keystone
Emirati master developer Arada has acquired an 80% stake in a 5,000-home development worth £2.5bn in east London.
The Dubai-based business’ purchase from private developer Keystone is its second large-scale investment in the UK’s capital in a matter of months.
In September, the firm purchased a 75% stake in London-based residential developer Regal, committing to an initial £500m to acquire and invest in the firm.
This was its second international acquisition since its launch in 2017, having expanded into Australia last year.
Masterplanned by Foster + Partners, the Thameside West scheme is a proposed mixed use regeneration spanning a 47-acre area of former industrial land at the western end of London’s Royal Docks.
Under proposals for the development, half of the site will be dedicated to green space and a kilometre of active waterfront.
Initially refused planning permission by Newham council in 2019 over concerns about infrastructure, Thameside West was ultimately approved the following year after being called in by the GLA.
>> Read more: Regal to become Arada London after £500m Emirati acquisition
The site benefits from the recently completed Silvertown Tunnel, as well as Custom House station, City Airport and the IFS Cable Car. However, the developer aims to add another DLR station as part of the scheme.
The scheme will see 1,000 homes delivered in the first stage of the project, with construction set to begin in 2027.
“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 Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada.
“At the time of the Regal acquisition, we articulated our ambition to scale our London residential pipeline to 30,000 units over the next three years, and we have swiftly delivered on growing that pipeline.
“Thameside West represents a unique opportunity to create a landmark riverside development, and we look forward to working with our partners and utilising our long-standing track record in large-scale, amenity rich residential schemes to unlock the delivery of new housing for London.”
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