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Shuaa Capital will establish a new UK-based entity by consolidating its real estate-related investment management, development management and asset management business under one platform, the company said today.
Shuaa said in a statement to Dubai Financial Market (DFM) today that as part of the global expansion of its wholly owned subsidiary Northacre, it will establish a separate new entity headquartered in London.
Northacre will be developing a $3.6 billion portfolio of projects across the UK and GCC alongside its investment and asset management platforms, to become a global leader in sustainable real estate and wellbeing, the statement said.
The company plans to achieve five stars in the global real estate sustainability benchmark rating by 2030, it added, while Northacre’s website states that it will achieve net zero emissions by 2035.
Walid El-Hindi CEO of real estate SHUAA Capital, and Group CEO of Northacre, said: “The focus of Northacre moving forward is to fund, develop and manage a diverse and unique portfolio of projects in the UK and the Middle East with a key focus on sustainability and enhancing health and wellbeing in the spaces where people live, work, learn, and play.
“We look to pay homage and to build on our provenance, experience, expertise and track-record in the UK and the MENA region.”
He added: “Our sustainable business strategy allows us to make more responsible decisions throughout our operations, ensuring that we balance financial gain with our considerations of social and environmental impact.”
Jassim Alseddiqi, board member and managing director of Shuaa Capital, who previously served as Shuaa Capital CEO, until last month, was recently appointed chairman of Northacre.
Northacre was acquired by Abu Dhabi Financial Group in 2013, which merged with Shuaa Capital in 2021.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
