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Oxley buys 20% stake in London developer Galliard for £50m

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Ching Chiat Kwong, Oxley chairman and CEO, said he looks forward to "leveraging this partnership in a variety of ways such as supporting our Royal Wharf construction of the remaining phases and hopefully complement our future developments in London."

SINGAPORE developer Oxley Group has continued its London forays, announcing early Thursday morning that it will be acquiring 20 per cent of London developer Galliard Group for £50 million (S$107 million).

Galliard Group consists of three divisions: Galliard Homes, London's largest privately owned residential developer with currently £1.6 billion worth of forward sales and nearly 6,000 units under construction; Galliard Construction, the group's construction arm with a portfolio of projects with a combined value of over £800 million; and Galliard Commercial, which develops hotels and other commercial projects.

Ching Chiat Kwong, Oxley chairman and CEO, said he looks forward to "leveraging this partnership in a variety of ways such as supporting our Royal Wharf construction of the remaining phases and hopefully complement our future developments in London."

Stephen Conway, Galliard Group founder and CEO, said: "Galliard is a London-centric property developer that has a strong selling profile in Singapore. Oxley is a dynamic Singapore-based property developer with a rapidly growing London presence. Our combined expertise can only be of benefit to both of us."

sentifi.com

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Oxley traded at S$0.405 on Wednesday before the announcement was made.

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