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Lodha Group buys Macdonald House in UK for over 300 mn pounds

PTI | Last Updated: Friday, November 29, 2013 - 20:28

London/Mumbai: Mumbai-based Lodha Developers today announced acquisition of Macdonald House in central London, which houses the Canadian High Commission, for a whopping over 300 million pounds (over Rs 3,000 crore).

"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)," Lodha said in a statement.

The acquisition marks foray of Lodha Group into the UK real estate market. This is the third major asset purchase by the privately held firm in over last one year.

The company has also bought 17 acres of land in Mumbai from India's largest realty firm DLF for Rs 2,727 crore. It also acquired Washington House property from the US government on Altamount Road in Mumbai for Rs 375 crore.

Canada's High Commissioner to the UK, Gordon Campbell, confirmed last night that legal contracts have been exchanged for the sale of 1 Grosvenor Square for 530 million Canadian dollars. "We thank Lodha Group for their keen interest and welcome this new phase in the project," Campbell said.

The High Commission, advised by Savills UK, said the Lodha Group will acquire the property.

"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.

First Published: Friday, November 29, 2013 - 11:05
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