November 28th, 2013, Mumbai: 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 (over INR 3000 crores). 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 focused 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 Mayfair and 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 Endand is one of Mayfair’s most prominent buildings. The building first served as t e 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:
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, Jad 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 ~Rs. 2,727 from DLF and the landmark Washington House property from the American government on Altamount Road in Mumbai.
More details about the company are available on www.lodhagroup.com.
The company’s London office will be opening soon at 45 Chester Square, Belgravia, London SW1W 9EA.
For more information on the release, please email email@example.com or call 9930339238.