Lodha Group Enters UK with Acquisition of London’s Most Prime Real
Estate Asset
-
Aims to create world class
development at 1 Grosvenor Square in Prime Central London
Mumbai, Nov 30, 2013: Lodha Group, India’s
largest real estate developer has exchanged contracts to acquire the landmark MacDonald
House in Prime Central London from the Canadian Government for a consideration of
over GBP 300 million. Located on Grosvenor Square, this prominent building
bears the address of 1 Grosvenor Square and is touted as the most prestigious
address in the world.
Commenting on the closure of the deal,
Abhinandan Lodha, Deputy Managing Director of Lodha Group said “London and
the United Kingdom offer significant opportunities for a high quality developer
focussed on creating a large scale housing development business there. We plan
to focus on Mumbai and London as our two main markets and serve London in the
same manner that we serve Mumbai – with world class products intended to serve
all key market segments. Historically, Indian companies have contributed in a
wholesome way to the UK economy and we hope to continue in those footsteps by
creating a significant number of jobs and providing excellent quality housing
there. It is a very proud moment for our country that an Indian company has
been chosen as the purchaser by the Canadian Government after a highly
competitive bidding process involving top global developers and sovereign
wealth funds.”
Further added Abhishek Lodha,
Managing Director of Lodha Group “The acquisition of this marquee asset overlooking
London’s most renowned garden square, in the heart of Mayfairand in close
proximity to Bond Street & Mount Street is a great opportunity for our
company.1 Grosvenor Square is the best address in the world and we will create
a world class development which befits the status of this address. We thank
everyone associated with us in completing this transaction.”
Located on the corner of Grosvenor Square, the property is in the
heart of London’s West End and is one of Mayfair’s most prominent buildings.
The building first served as the High Commission for the United States of
America and subsequently, as the High Commission for Canada.
Lodha was advised by the London
office of Knight Frank on this acquisition.
The Lodha Group: www.lodhagroup.com
Privately held Lodha Group is
India’s No 1 real estate developer with net sales exceeding INR 8,700 crores in
FY 12-13. The Group is currently developing over 35 million sq.ft. of prime
real estate, with over 20 projects in Mumbai, Pune & Hyderabad. The company
is one of the largest employers in Mumbai with over 3400 direct associates and
over 25,000 workmen at its sites. It is constructing the world’s tallest
residential tower, World One, in Mumbai and has brought some of the top global
names including Armani/Casa, Trump, Philip Starck, Jade Jagger, Greg Norman and
Pei Cobb Freed to India. In the last 12 months, the group has acquired two
other landmark land parcels - the 17 acres Mumbai Textile Mills parcel for over GBP
250 million from DLF and the landmark Washington House property from the
American government on Altamount Road in Mumbai.
Tags : Lodha, Abhinandan Lodha, Abhishek Lodha, London, Grosvenor Square, Real
Estate, Luxury Property, world-class, property
