Photographs: Source: Embajada de Canada; Author: Eduardo/Wikimedia Commons Joydeep Ghosh in Mumbai
In one of the biggest property deals abroad, Abhishek Lodha-led Lodha group is close to buying London’s Macdonald House for around Rs 3,200 crore (Rs 32 billion).
Lodha did not respond to text messages sent to his mobile phone, which was switched off, but leading property consultants confirmed the company was the only one from India to bid for the 150,000 sq ft property.
The other bidders included some West Asian and Russian hotel chains.
. . .
Lodha in mega realty deal in London
Photographs: Courtesy, Lodha group.
This will be the first big purchase by an Indian company in London since the Sahara group’s acquisition of Grosvenor House in 2010 for around Rs 3,400 crore (Rs 34 billion).
There have been reports in recent times that Sahara is selling the property to an Arab business family for a little over double the purchase price.
But that deal cannot go through now, as the Supreme Court has barred the group from selling its properties.
Macdonald House -- a seven-storeyed building in Grosvenor Square, Mayfair -- that is part of the High Commission of Canada in London, has previously housed the American Embassy in the city.
. . .
Lodha in mega realty deal in London
Photographs: Uniconnect/Wikimedia Commons
The building was named after Sir John A Macdonald, Canada’s first prime minister.
Among its earlier acquisitions, the Lodha group had last year bought the US Consulate’s Washington House in South Mumbai for Rs 341.82 crore (Rs 3.41 billion).
The group, one of Mumbai’s leading real estate developers, is currently developing over 35 million sq ft of prime areas -- Napean Sea Road, Prabhadevi and Walkeshwar.
Its landmark developments include World One and Lodha Bellissimo, besides Palava, which is spread over 4,000 acres close to the proposed Navi Mumbai international airport.
article