Thursday, 16 July 2015
Oxley Holdings acquires €71.5 mln interest in London’s Galliard Group (UK)
Singaporean property developer Oxley Holdings has entered into a subscription and shareholders’ agreement to acquire a 20% stake in the enlarged share capital of Galliard Group, a leading UK developer which trades as Galliard Homes, for £50 mln (approx. €71.5 mln).
Oxley’s Chairman & CEO, Mr Ching Chiat Kwong and Deputy CEO, Mr Low See Ching, will be appointed as investor directors to the board of Galliard Group. Mr Stephen Conway, who is the founder of the Galliard Group, will continue as Chairman & CEO of the Galliard Group, which will also continue to trade under the Galliard Homes brand.
Headquartered and listed since 2010 on the Stock Exchange in Singapore, Oxley is a lifestyle property developer specializing in the development of quality residential, commercial and industrial projects. Today the Group operates in Singapore, across South East Asia, the UK and Ireland. The company’s overseas portfolio of developments includes Royal Wharf, a new waterfront village located in East London.
This strategic acquisition of a stake in Galliard Group is important as Oxley further strengthens its presence in London. The partnership with Galliard Group will see Oxley capitalizing and leveraging on Galliard Group’s construction and property development expertise and operating network and contacts in the UK.
Supported by Galliard Group’s vertically integrated business model, Oxley will have greater capacity and flexibility to market its London properties, manage its property construction, and provide Oxley’s buyers with added after-sales service in marketing, managing and letting their homes.
The acquisition underlines efforts to ensure Oxley’s brand is better entrenched in the real estate market at large and thereby driving higher performance and enhancing profitability of development.
Trading as Galliard Homes, the company is currently London’s largest privately owned residential developer and the second largest house builder in the capital. Galliard Homes presently has over £1.6 bln (approx. €2.29 bln) worth of forward sales, with nearly 6,000 residential units under construction. The group has sites in planning with a completed value of £2 bln (approx. €2.86 bln).
Source: Oxley Holdings