Mumbai-based private developer Lodha Group has acquired its second asset in London for £90 million ($150 million or approximately Rs 930 crore) in what marks a continuation of its aggressive strategy to buy land parcels in India as well as big ticket property transactions overseas.
The developer has bought the property called New Court, located on Carey Street next to the London School of Economics and Royal Courts of Justice, from West End of London Property Unit Trust. The total land area is nearly 1.15 acres with a saleable area of almost 2 lakh sft.
The Indian property developer has paid the initial amount and the balance is expected to be paid in next three months. The developer plans to make the payments through internal accruals. Lodha Group plans to undertake a residential development on the site.
This is the second acquisition by the Lodha Group in the London market and comes close on the heels of the bulge bracket transaction it closed in November. Three months ago, it acquired the Canadian embassy building in London's Mayfair district for $530 million (Rs 3,300 crore) in its biggest move overseas. Lodha Group, which claims to be India’s largest real estate developer, had exchanged contracts to acquire the landmark MacDonald House in central London.
It was the biggest realty acquisition by an Indian developer outside the Indian subcontinent.
Lodha Group has been active in buying land assets over the past few years and as highlighted by VCCircle has been the biggest real estate buyer in the country.
It had roped in Tyler Goodwin from JP Morgan Global Asset Fund to oversee its London business. The realtor has set up its office in Chester Square.
(Edited by Joby Puthuparampil Johnson)