UK - London residential developer Native Land is to embark on a £1bn (€1.3bn) acquisition and development programme after attracting a major investor from the Gulf, the company said.

A "substantial private Gulf-based investor" has taken a 45% shareholding in the company, Native Land said, without giving the investor's name.

Chief executive Alasdair Nicholls said: "The combination of our local knowledge and expertise, coupled with our investment capacity, makes for a unique combination for a private property company in the central London residential market."

As part of the change, existing shareholder the Buccleuch Group would reduce its stake in Native Land to 10%, and receive an undisclosed amount for its shares, the company said.

Native Land's management would retain 45% ownership, it said.

Alongside the changes to share ownership, the three shareholders have set up new company - Native Land Investments.

Over the next two years, the new firm will invest up to an initial £500m of equity in Native Land sites and projects across central London, together with future co-investment from Native Land's current investor pool.

This new capital will fund £1bn of planned development, it said.

Advisers for the deal were Deloitte, CMS Cameron McKenna and Clyde and Co for Native Land, while KPMG and Berwin Leighton Paisner advised the Gulf-based investor.

Native Land also announced various board changes.

Stephen Musgrave - former managing director at both Hines UK and Grosvenor (UK and Ireland) - and David Peck, managing director of Buccleuch Property, are to become non-executive directors.

These changes follow the recent appointment of Clive Riding, former managing partner of Montagu Evans, as executive director with responsibility for management operations and finance.