Galliard Group, which trades as Galliard Homes, said the investment was a step towards it “becoming London’s largest residential developer”.
Galliard founder Stephen Conway remains chairman and chief executive but he will be joined on the board by Oxley’s chairman/CEO Ching Chiat Kwong and his deputy CEO Low See Ching as investor directors.
Oxley operates across Southeast Asia as well as in the UK and Ireland and has ambitions to expand in London.
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This £50m injection of Singaporean funds into Galliard follows the recent £225m of investment from US fund Cain Hoy into new Galliard residential projects over the next three years. The existing Galliard / Cain Hoy arrangements already facilitate the construction of Galliard projects with a combined gross development value (GDV) in excess of £1bn.
Ching Chiat Kwong, chairman and CEO of Oxley, said: “This investment marks our strategic alliance in London with a leading well-established and reputable property developer – Galliard Group. Galliard has a well proven track record and this acquisition signals our confidence in the UK property market and London in particular. We foresee significant collaboration with Galliard’s vertically integrated business model with that of Oxley. We look forward to leveraging this partnership in a variety of ways and hopefully complement our future developments in London.”
Galliard’s Stephen Conway said: “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 transaction complements our ongoing and highly successful exclusive 50:50 joint venture with Cain Hoy, the private investment company, under the name Galliard Developments Ltd.”
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