Lodha Group acquires £300 million UK property

Lodha Group acquires £300 million UK propertyToday Mumbai-based Lodha Developers announced acquisition of Macdonald House in central London that houses the Canadian High Commission, for over £300 million (over Rs 3,000 crore).

Lodha Group is a leading realty firm in India with net sales of over Rs 8,700 crore in 2012-13. It is developing 35 million sq ft area, with over 20 projects in Mumbai, Pune and Hyderabad.

In a statement Lodha said, "Lodha Group 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 Rs 3,000 crore)."

Abhishek Lodha, Managing Director of Lodha Group 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."

Mr. Lodha added that the deal will be funded by internal accruals. Payment will be in tranches, to be completed by March 2014; although he pointed out that he was certain it would be completed before the mentioned time.

The property covers an area of 1.65 lakh square feet, and is built on a land area covering 0.67 acre. The building first served as the High Commission for the U. S. and later as the High Commission for Canada.