Dubai: Northacre, a London luxury developer owned by Dubai-based Shuaa Capital, plans to launch projects outside of the UK, with the Gulf becoming one of its priority. This would see Northacre – which has projects at some of the most desired locations in London - take on projects in the UK and GCC valued at $3.6 billion.
A new corporate organisational structure has been created under Northacre Group, after combing Shuaa’s real estate investment, development and asset management businesses. “As part of a change in strategy, we are combining our years of experience in investment, property development and management,” said Jassim Alseddiqi, Board Member and Managing Director of Shuaa. “Today, more than ever, our role in this sphere is linked to creating places that benefit the wellbeing of the communities in which they are built, whilst proactively minimising our impact on the environment.”
It was in 2015 that UAE’s ADFG acquired a sizeable stake in Northacre, with which it had partnered on a London development. Then, after the ADFG-Shuaa deal, Northacre became part of its diversified portfolio. Combining Shuaa’s real estate interests into a single entity completes the circle.
"The focus of Northacre moving forward is to fund, develop and manage a diverse and unique portfolio of projects in the UK and the Middle East with a key focus on sustainability and enhancing health and wellbeing in the spaces where people live, work, learn, and play," said Walid El-Hindi, CEO of Real Estate Shuaa Capital and Group CEO of Northacre. "Our sustainable business strategy allows us to make more responsible decisions throughout our operations, ensuring that we balance financial gain with our considerations of social and environmental impact."
Our attitude and approach to real estate is one that questions the status quo, seeks growth and understanding, and embraces challenges and opportunities