Lodha Group plans to grow its UK business, eyes more projects
LONDON: Realty developer Lodha Group is looking to grow its business in the London property market by acquiring more development projects in the city as the Mumbai-based company is planning to reinvest the revenue generated from its two ongoing projects in central London to pick up more properties there.
Lodha is currently developing two residential projects in Grosvenor Square and Lincoln Square that it acquired in 2013 and 2014, respectively. The company has booked sales worth £170 million at Lincoln Square development so far and has also started sales at Grosvenor Square this week.
“These two projects together will generate revenue, at current prices, of £1.5 billion (over Rs 12,000 crore) and provide us with the potential to further grow our business here… We are pleased that our first two developments in London have taken off strongly,” said Abhishek Lodha, Managing Director, Lodha Group.
In May, Lodha UK, the London-based development arm of the realty developer, announced raising $375 million as construction funding for Lincoln Square development. The facility, which is one of the largestever loans from a single provider for a UK residential project, has been provided by Cain Hoy, a private investment company. The project is located adjacent to the London School of Economics (LSE) and close to Covent Garden. Lincoln Square development includes total 221 apartments with a configuration of studios to four-bed apartments and two penthouses with prices starting at £1 million to £13 million. The development is currently under construction and is expected to be completed in the last quarter of 2018.