John Laing Homes, one of the preeminent builders of homes in Southern California, has been sold to a Dubai based firm in an all cash deal for $1.05 billion. John Laing Homes is based out of Newport Beach with operations throughout the West. From the OC Register:
Emaar Properties, a developer that's behind some of the glittering construction blossoming in Dubai and the Mideast, signed the all-cash deal at the Torrey Pines Lodge in La Jolla, concluding six months of negotiations. The deal provides a U.S. foothold for the firm, whose operations span 11 Mideast nations.According to the Register, Emaar plans to invest billions into John Laing with plans to expand its home building empire into "high-growth areas" around the US. If you've ever watched one of those shows on Discovery Channel, you're probably familiar with Emaar's work. They're presently building the world's largest tower and the world's largest shopping mall in Dubai.
· John Laing Homes sold for $1.05 billion [OC Register]