Arada Expands London Portfolio With Majority Stake In AED 12.3 Billion Thameside West Project

H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Chairman of Arada, was present at the contract signing for Arada's acquisition of 80% of the Thameside West development. This project spans 2 million square feet and is valued at AED12.3 billion. The expansion into the UK property market follows Arada's earlier purchase of Regal, reinforcing London's status as a global investment hub.

The Thameside West project is located on the waterfront at the western end of London's Royal Docks area. It will include at least 5,000 homes, with half of the area dedicated to green spaces and eco-friendly facilities. A one-kilometre stretch of waterfront will enhance its appeal. The development aims to provide high-quality residential units that meet international standards.

Thameside West is one of Europe's largest urban renewal projects, covering approximately 2 million square feet. It features the longest undeveloped waterfront in central London, offering unique views of Canary Wharf and the Greenwich Peninsula. The total development value stands at AED12.3 billion.

The project is strategically located with excellent transport links, including proximity to an airport, motorways, railways, tunnels, river transport, and cable cars. This connectivity makes it easily accessible from all directions and enhances its attractiveness as an urban destination.

The current site plan allocates 35% of housing as affordable to support London's goal of providing accessible housing projects. Approval for the detailed plan will be sought soon, with construction set to begin in 2027. The first phase will deliver 1,000 housing units.

Arada's acquisition increases its portfolio to 15,000 homes in London. The company aims to double this number within three years by expanding its residential project portfolio to reach 30,000 units.

Collaborative Efforts and Strategic Partnerships

Sheikh Sultan emphasised collaboration with strategic partners and showcasing Arada's expertise in developing large integrated residential projects. "We are committed to delivering high-quality residential units that meet international standards," he stated.

Efforts are ongoing to meet targets and deliver housing units on schedule. Work has already begun towards achieving these goals while maintaining a focus on providing essential facilities and services for residents.

With inputs from WAM