Second London asset acquired by Lodha Group for $150 m
In what marks a continuation of its aggressive strategy to buy properties in India and overseas, Lodha Group has acquired its second asset in London for £90 million ($150 million or approximately Rs 930 crore).
The group’s recent acquisition is a property called New Court. It is located on Carey Street next to the London School of Economics and Royal Courts of Justice, from West End of London Property Unit Trust. The saleable area is almost 2 lakh sq ft and the total land area is nearly 1.15 acres. Initial amount has been paid and the balance is expected to be paid in next three months. The developer plans to make the payments using internal funds and will not raise any funds for this purpose. The group’s plan is undertake a residential development on the site.
This is the second bulge bracket transaction by the group in London market. In its biggest move overseas, it acquired the Canadian embassy building in London’s Mayfair district for $530 million (Rs 3,300 crore). The group claims to be India’s largest real estate developer.
This marks the biggest really estate acquisition by an Indian developer outside the Indian subcontinent.
Tyler Goodwin from JP Morgan Global Asset Fund has been roped in by the group to oversee its London business. The realtor has set up its office in Chester Square.
Source: VC Circle
acquire a ready property overseas, biggest really estate acquisition, Canadian embassy building, JP Morgan, Lodha, Lodha Group, Lodha Group London property, London, London property, London School of Economics, Mayfair, property overseas, Tyler Goodwin
Hello there! Thiss blog post could not be witten much better!
Going through his artifle reminds mee of my previous roommate!
He constantly kept talking about this. I’ll forward this
information to him. Fairly certain he’ll have a good read.
Many thanks ffor sharing!