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Sharjah-based property developer Arada acquired 100% of the New South Wales arm of Roberts Co — a Sydney-based commercial construction company — as it looks to break ground on its first projects in Australia before year end, according to a statement. The acquisition will give it more control and help cut costs when executing its projects in the country, the statement said.
IN CONTEXT- This is Arada’s first investment in an Australian construction company since it set up shopin Sydney last year. The firm plans to develop residential projects worth AED 6 bn in the city to address housing shortages, with a pipeline of over 2.5k homes this year alone.
What we know: While the total value of the transaction was not disclosed, the agreement will see Arada pay an immediate AED 47 mn recapitalization, “securing the jobs of 120 direct employees and providing essential stability to another 600 employees across the construction supply chain in Sydney,” the statement reads. This is in addition to plans to invest up to AED 235 mn to support Robert Co’s global expansion, including to the UAE.
No changes in management for now: Robert Co’s Executive Chairman George Kostas will retain his role “to ensure continuity and stability post the transaction,” including through resuming the execution of four major construction projects in Sydney. The company is currently working on two schools, a residential project and a children’s hospital, and is targeting some AED 2.3 bn in annual revenues by 2028.
About Roberts Co: Founded in 2017, the Sydney-based commercial contractor’s portfolio includes high-profile construction projects across the healthcare, education, residential, commercial, hospitality, industrial, life sciences, and defense sectors.
ALSO IN THE PIPELINE FOR ARADA- The developer recently expressed interest in going public within the next three years, and wants to expand in the region beyond its core Sharjah and Dubai markets, with plans to expand into Ras Al Khaimah, Abu Dhabi, and Saudi Arabia, Alkhoshaibi said.
