Lodha Group makes second London high-value acquisition for Rs 935 crore

Written by fe Bureau | Mumbai | Updated: Feb 19 2014, 02:29am hrs
Lodha GroupClose on the heels of buying Rs 3,000 cr Macdonald House, Lodha Group has made an acquisition of another trophy asset in the heart of London. Reuters
Close on the heels of buying Rs 3,000 crore Macdonald House in central London, Lodha Group has made an acquisition of another trophy asset in the heart of London for around Rs 935 crore.

In a statement issued late on Tuesday evening, Lodha said that 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 acres with a saleable area of almost 2 lakh square feet. The company also said that the initial amount has been paid and the final payment is expected to be made in about 3 months, which will be made through internal accruals.

Lodha plans to have a residential development at this site, the statement said.

In November 2013, Lodha had bought Macdonald House, a seven storey property in the heart of London. The company's deputy managing director Abhinandan Lodha had said that the company will not stop with Macdonal House and would be looking to buy more properties in London.