UAE developer Arada secures majority stake in London housing development
UAE-based developer Arada has bought an 80 per cent stake in Thameside West, a waterfront mixed-use development set to deliver 5,000 housing units in the capital.
The £2.5bn deal is Arada’s second large-scale investment in the London residential market in the space of less than two months, following its purchase of local developer Regal in September.
Arada chair, Sultan bin Ahmed Al Qasimi, who used law firm Addleshaw Goddard, said that the purchase was “grounded in our unwavering faith in London”.
“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,” he said.
Arada plans to double its London residential pipeline to 30,000 units over the next three years.
Tom Copley, deputy mayor for Housing and Residential Development, said he was “delighted that Arada is investing in London”, describing Thameside West as one of the “key sites” within the Royal Docks.
‘One of the most significant developments’
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 Land and Property.
The scheme will deliver 1,000 homes in the first stage of the project, with construction scheduled to begin in 2027.
Giorgio Laurenti, chairman of Keystone, said that Thameside West is “one of the most significant development opportunities in Greater London.
“Thameside West is a transformational destination designed to deliver thousands of new homes while generating substantial economic and social value for the wider community,” Laurenti said.