Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
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Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo

Abu Dhabi's Aldar Properties has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Aldar is 25%-owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and 26%-owned by International Holding Company.

Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.



EUROPE GAS-Prices Edge Lower for 3nd Session Ukraine Peace Prospects Dominate

Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT

EUROPE GAS-Prices Edge Lower for 3nd Session Ukraine Peace Prospects Dominate

Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices on Thursday extended their decline from Tuesday's two-year high as the market watched for further developments on efforts by US President Donald Trump to end the war in Ukraine.

The benchmark front-month contract at the Dutch TTF hub was down 2.85 euros at 53.05 euros per megawatt hour (MWh), or $16.21/mmBtu, by 1003 GMT, LSEG data showed.

The contract remained well below an intra-day high of 59.27 euros/MWh reached on Tuesday, its highest level since February 2023.

The Dutch April contract was down 2.99 euros at 52.93 euros/MWh.

In Britain, the front-month contract was down 3.76 pence at 129.09 p/therm, Reuters reported.

The unilateral peace talks started by president Trump yesterday should bring some relief to markets because they decreases the chance of large-scale disruptions, said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence.

Dozeman added, however, that it is unclear what role gas might play in any future scenario.

US President Donald Trump spoke directly to Russian President Vladimir Putin and announced the start of negotiations.

Further price pressure came from a push by several EU member states to lower gas storage targets, as well as the prospect of warmer weather, a trading source said.

EU gas storage sites are currently 47.24% full after cold weather and reduced Russian supplies triggered a faster drawdown of stocks, Gas Infrastructure Europe data shows.

"It has become increasingly likely that cold weather will end in Western-Europe after Feb 19. Instead a mix of spring and autumn will conquer the continent with temperatures well above norms and ample sun and/or wind," Dozeman said.

In the European carbon market, the benchmark contract was down 1.52 euros at 81.07 euros a metric ton.