India’s largest real estate developer Lodha Group has exchanged contracts to acquire MacDonald House from the Canadian Government for a consideration of over GBP 300 million (over INR 3000 crores). Located on Grosvenor Square, this prominent building bears the address of 1 Grosvenor Square and is touted as the most prestigious address in the world.
Commenting on the closure of the deal, Abhinandan Lodha, Deputy Managing Director of Lodha Group said “London and the United Kingdom 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 products intended to serve all key market segments.
Historically, Indian companies have contributed in a wholesome way to the UK economy and we hope to continue in those footsteps by creating a significant number of jobs and providing excellent quality housing there.It is a very proud moment for our country that an Indian company has been chosen as the purchaser by the Canadian Government after a highly competitive bidding process involving top global developers and sovereign wealth funds.”
Further added Abhishek Lodha, Managing Director of Lodha Group “The acquisition of this marquee asset overlooking London’s most renowned garden square, in the heart of Mayfair and in close proximity to Bond Street& Mount Street is a great opportunity for our company.1 Grosvenor Square is the best address in the world and we will create a world class development which befits the status of this address. We thank everyone associated with us in completing this transaction.”
Located on the corner of Grosvenor Square,the property is in the heart of London’s West End and is one of Mayfair’s most prominent buildings. The building first served as the High Commission for the United States of America and subsequently, as the High Commission for Canada. Lodha was advised by the London office of Knight Frank on this acquisition.
Source: Lodha Group www.lodhagroup.com 29.11.2013