Knight Frank announces today the entry of India’s largest developer, Lodha Group, into the UK market with the acquisition of one of London’s most prestigious property assets, One Grosvenor Square (the Canadian High Commission) in Mayfair.
Lodha Group, advised by Knight Frank, last night exchanged contracts to acquire the landmark building in prime central London from the Canadian Government for £306 million.
Commenting on the deal, Abhinandan Lodha, Deputy Managing Director of Lodha Group, said:
“London and the UK offer significant opportunities for a high-quality developer focussed on creating a large scale housing development business there. We plan to focus on Mumbai and London as our two main markets and serve London in the same manner that we serve Mumbai – with world class product intended to serve all key market segments. It is a very proud moment for company to be selected as the purchaser by the Canadian Government after a highly competitive bidding process involving top global developers and sovereign wealth funds.”
Justin Gaze, head of Residential Development Land, Knight Frank, said:
“This purchase, Lodha Group’s first acquisition in London, is a strategically significant one. We expect Mayfair’s residential offering to rise to meet the area’s image as one of London’s centres of luxury.”
Privately held Lodha Group is India’s largest real estate developer with net sales exceeding INR 8,700 crores in 2012-13. The Group is currently developing over 35 million sq.ft of prime real estate, with over 20 projects in Mumbai, Pune & Hyderabad. The company is one of the largest employers in Mumbai with over 3400 direct associates and over 25,000 workmen at its sites. It is constructing the world’s tallest residential tower, World One, in Mumbai and has brought some of the top global names to India– including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Greg Norman and Pei Cobb Freed. In the last 12 months, the group has acquired two other landmark lands – the 17 acres Mumbai Textile Mills parcel for ~Rs. 2,727 from DLF and the landmark Washington House property from the American government on Altamount Road in Mumbai.
More details about the company are available on www.lodhagroup.com. The company’s London office will be opening soon at 45 Chester Square, Belgravia, London SW1W 9EA.