Lodha acquires second London asset for R935 cr

Written by fe Bureau | Mumbai | Updated: Feb 19 2014, 10:04am hrs
Close on the heels of buying the R3,000-crore MacDonald House in central London, the Lodha Group has acquired another trophy asset in the heart of London for around R935 crore.

In a statement issued on Tuesday evening, Lodha said it has bought its second property in London for about GBP 90 million.

The property, called New Court, is located on Carey Street next to the London School of Economics and the Royal Courts of Justice. The total land area is around 1.15 acre with a saleable area of almost 2 lakh square feet.

The company also said the initial amount has been paid and the final payment is expected to be made in about three months, which will be made through internal accruals. Lodha plans to have residential development at this site, the statement said.

In 2013, the group had bought MacDonald House, a seven storey property in the heart of London. Deputy MD Abhinandan Lodha had said the company will not stop with MacDonald House and would be looking to buy more properties in London.