Gulf’s Arada Buys London Waterfront Plot To Build 5,000 Homes

Arada Developments, co-owned by the son of Saudi Arabian Prince Alwaleed bin Talal and a member of Sharjah’s royal family, has acquired an 80% stake in a London development that’s slated to add at least 5,000 homes.

The company will develop Thameside West — a waterfront plot that used to be an industrial site at the western end of London’s Royal Docks — as a mixed-use community that will also include shops, schools, parks and transport links. It bought the stake from London developer Keystone for £225 million ($295 million) and will invest another £100 million in equity, Arada’s Group Chief Executive Officer Ahmed Alkhoshaibi said in an interview. Keystone will retain a 20% stake.