Dubai buys The OC, glad Marissa Cooper is dead.
So I haven't been watching "The OC" this season, but it seems to me Caleb Nichol wouldn't have sold out like this ...
In all seriousness, John Laing Homes is pretty much the real-life equivalent of The OC's "Newport Group". Interesting.
In all seriousness, John Laing Homes is pretty much the real-life equivalent of The OC's "Newport Group". Interesting.
Emaar and John Laing Homes agree to combine creating a world leading real estate developer
United Arab Emirates: 10 hours, 11 minutes ago
Emaar Properties, (DFM: EMAAR), one of the world's largest real estate companies, announced today that it has agreed to acquire John Laing Homes, the second largest privately held homebuilder in the U.S., creating one of the world's leading real estate developers in residential homebuilding.
The AED 3.856 billion (US$1.050 billion) all cash transaction has been unanimously approved by the boards of directors of both companies and closed on June 1, 2006.
Mohamed Ali Alabbar, Chairman of Emaar, said:
'His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai has been instrumental in Emaar's successful regional and global expansion strategy. This transaction forms part of his overall vision to strengthen Dubai and its successful companies in international markets. His visionary leadership, drive for success and relentless courage to take on the future and make it his own have been instrumental to Emaar's pace-setting progress.
Partnering with John Laing Homes is consistent with our strategy of expanding our business on a global basis beyond Dubai. This agreement will provide Emaar with an important gateway into the U.S. real estate market.'
Mr. Alabbar added: 'John Laing Homes is a highly-respected partner with more than 150 years of homebuilding experience, and boasts a strong and knowledgeable management team. Emaar will leverage John Laing's industry and management expertise and export it into markets around the world, while providing John Laing Homes with additional resources to grow.'
In addition to driving much of the commercial and residential development in Dubai, Emaar currently has real estate operations in 12-plus markets around the world, including India, Egypt, Turkey, Morocco, Syria, Pakistan and Saudi Arabia. The company is known for its signature projects, including the construction of the Burj Dubai, which will be the tallest building in the world upon completion in 2008. With the company's scale and financial strength, Emaar has been a pioneer in driving growth in its regional real estate markets. Emaar also has an agreement with Giorgio Armani to develop an international chain of luxury Armani hotels and resorts around the globe, starting with the development of ten hotels. The first hotels will be built in Milan and Dubai, followed by London, New York, Tokyo and other major global gateway cities.
Emaar's leadership is recognized within the industry, having been named by Euromoney 'Best Overall Developer in the UAE' as well as 'Best Residential Developer in the UAE' in 2006. Additionally, Mr. Alabbar received an 'Outstanding Contribution Award' from Euromoney in recognition of his work and foresight in the real estate sector.
'We are very excited by this partnership,' said Larry Webb, CEO of John Laing Homes. 'John Laing Homes and Emaar have much in common, with a similar vision and values. Like Emaar, we strive to deliver world-class customer service, and we are recognized for it, being named America's Best Builder 2006 by Builder magazine.'
Mr. Webb added: 'The combination of Emaar and John Laing Homes will provide us with additional financial and professional resources to expand beyond our traditional markets of California and Colorado. It's a strategy that Emaar has used successfully in driving growth in their regional real estate markets throughout the world, and we're looking forward to being a part of Emaar's vision for the future of global real estate development.'
John Laing Homes will be operated as a division of Emaar. John Laing Homes' corporate headquarters will remain in Newport Beach, CA, and continue to be managed by Larry Webb, who, along with the senior management team, have agreed to multiyear contracts.
On April 17, 2006 Emaar filed voluntarily with the Committee on Foreign Investment in the United States (CFIUS), which has approved the transaction.