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

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."

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