Indian developers buy landmark London building for £324M
The Mumbai-based company, Lodha Developers, have announced the acquisition of the landmark Macdonald House in central London, which houses the Canadian High Commission, for a whopping $530 million (£324.2 million).
The acquisition marks the first foray of Lodha Group into the UK real estate market and is the third major asset purchase by the privately held firm in over the last 12 months.
The company has also recently bought 17 acres of land in Mumbai from India's largest realty firm DLF. It also acquired Washington House property from the US government on Altamount Road in Mumbai.
Canada's High Commissioner to the UK, Gordon Campbell has confirmed that legal contracts have been exchanged for the sale of 1 Grosvenor Square. "We thank Lodha Group for their keen interest and welcome this new phase in the project," Campbell said.
"The acquisition of this marquee asset overlooking London's most renowned garden square, in the heart of Mayfair, and in close proximity to Bond Street and Mount Street is a great opportunity for our company," Lodha Group Managing Director Abhishek Lodha said.
Commenting on the closure of the deal, Lodha Group Deputy Managing Director, Abhinandan Lodha, said the company plans to focus on Mumbai and London as the two main markets.
Established in 1980, the Lodha Group is Mumbai's premier real estate developer. The Group is currently developing in excess of 35 million sq.ft. of prime real estate, with over 30 projects in and around Mumbai, from Napean Sea Road to Dombivali. The Group has further extended its promise of luxury living with successful projects in Hyderabad and Pune.
The Lodha Group has several landmark developments to its credit, including World One - the world's tallest residential tower, Lodha Bellissimo - the only Indian residential development to feature amongst the top 1000 landscapes in the world, and Palava – India's most livable city, spread over 4000 acres and located close to the upcoming Navi Mumbai international airport.
The Group has also made history by recording the biggest land deal in India to date, buying a plot in Wadala for `4,053 crore, from the Mumbai Metropolitan Region Development Authority (MMRDA).
The Group currently employs over 3,100 associates and provides site-based employment to over 25,000 workers. And going beyond its role as a premier real estate developer, the Lodha Group has been a socially responsible corporation, focusing on education as the best medium to enrich society.