Lodha UK, the London based development arm of Mumbai-based Lodha Developers, has raised £290 million (about Rs 2,400 crore) as construction funding for its Lincoln Square development in London from Cain Hoy, a private investment company. The facility includes £80 million to replace the existing debt, provided by Cain Hoy last autumn, and the balance will be used to complete the project over the next two years.
The project, which is currently under construction is expected to be completed in the last quarter of 2018, according to a statement from Lodha. The project has seen sales of over 78 units worth nearly £130 million since its launch in May 2016.
Ab Shome, finance director, Lodha UK said: “We received competitive offers from three consortiums, and are thankful to all three providers for their interest. This is an exciting development and we are pleased to partner with Cain Hoy, whose ability to provide flexible solutions and perform within our timescale has been invaluable.”
Matteo Milan, director of Cain Hoy, said: “Having already supported Lodha UK through an initial financing to enable the start of construction on site, we are pleased to continue our relationship with the Lodha team by providing this significant loan.”
Lodha UK will unveil Grosvenor Square development soon. Located in the heart of Mayfair, the project will offer premium residences in one of London’s most prestigious addresses, the statement said.