UAE-based Arada to acquire 75% of U.K.’s Regal with $680M deal

UAE-based Arada Developments will buy a 75% stake in London residential property developer Regal in a $680 million deal, as it continues its overseas expansion drive.

Founded by Saudi Prince Khaled bin Alwaleed, the son of Prince Alwaleed bin Talal, and Sheikh Sultan bin Ahmed Al Qasimi, the Deputy Ruler of Sharjah, Arada made its international debut in Australia last year and is now building 5,000 homes across the state of New South Wales.

Regal’s U.K. arm, which will be renamed Arada London, has a development pipeline of 10,000 units across 11 projects in the U.K.

That pipeline is expected to triple over the next three years with the new injection of funds. Regal’s projects include Fulton & Fifth in Wembley, a mixed-use residential development with 876 units, of which 40% are categorized as affordable homes.