UAE developer Arada acquires site in south London
UAE developer Arada has acquired a site in Southwark, south London, to develop a hotel and a co-living project.
The 99-101 Newington Causeway site has two vacant buildings, including a 10-storey block that The Salvation Army UK occupied before moving to Denmark Hill in 2023.
Arada London, which was formerly Regal, and is part of the Arada Group, will apply for planning approval to develop the projects. The site, a two-minute walk from Elephant & Castle underground station, provides easy connectivity to central London.
No financial details were given.
This will be Arada London’s third development in the borough, following projects at Devonshire Place, comprising 941 student bedrooms and 200 new on-site affordable homes, and Blackpool Road, a probable split between affordable housing and purpose-built student accommodation.
Arada purchased Regal in September, committing AED2.5 billion ($681 million) as capital into the London business. This was followed by the acquisition of an 80 percent stake in the AED12 billion Thameside West riverside development in November.
Further reading:
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- Cash-rich Emirati developers plot their hotel empires
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