Member Article

Singaporean investors acquires stake in Canary Wharf housing developer

Oxley Holdings is to buy a 20 per cent stake in London house builder Galliard in a £50m deal.

The Singaporean investment deal, which was announced on the Singaporean stock market overnight, values London’s second largest house builder at £250m.

The developer behind the Canary Wharf tower block, the company, which trades under Galliard Homes, will keep founder Stephen Conway as company chairman and chief executive.

Oxley’s chairman, Ching Chiat Kwong, and deputy chief executive, Low See Ching will join the Galliard board as non-executive directors.

Oxley is in the process of developing the 3,400-apartment Royal Wharf site in east London.

Mr Conway confirmed the deal, he told The Telegraph: “We believe this milestone transaction by Oxley will create business opportunities for both Galliard and Oxley.”

“The synergies are obvious. Galliard is a London-centric developer that has a strong selling profile in Singapore. Oxley is a dynamic Singapore-based property developer with a rapidly growing London presence.”

This was posted in Bdaily's Members' News section by Ellen Forster .