Dubai-based Emaar Properties has acquired John Laing Homes, the second largest private residential developer in the US. The move is the latest in Emaar's accelerating international expansion and its first into the American market.

The all-cash transaction is worth $1,050 million. John Laing's core operations are in the states of Colorado and California, but it plans to use the additional resources secured through the deal to expand throughout the US. John Laing Homes will be operated as a division of Emaar. The transaction was approved by the US Committee on Foreign Investment in April.

Emaar now has real estate activities in more than 12 markets. In late May, the developer announced plans to invest AED 8,800 million ($2,400 million) in three real estate developments in Islamabad and Karachi.