Mumbai-based private property developer Lodha Group has acquired the Canadian embassy building in London's Mayfair district for $530 million (Rs 3,300 crore) in its biggest move overseas. Lodha Group, which claims to be India’s largest real estate developer, has exchanged contracts to acquire the landmark MacDonald House in central London.
Located on Grosvenor Square, this prominent building bears the address of 1 Grosvenor Square and is touted as one of the most prestigious addresses in the world, located close to Buckingham Palace.
In February this year, the Canadian government first announced the sale of the building to reposition Canada House on Trafalgar Square in the heart of London to consolidate the Canadian High Commission’s diplomatic activity in the UK in one central London location.
The property is believed to have a total saleable area of 1.6 lakh square feet and with this project, Lodha will be able to connect with global investors.
Abhinandan Lodha, deputy managing director of Lodha Group, said “London and the United Kingdom offer significant opportunities for a high quality developer focused on creating a large-scale housing development business there. We plan to focus on Mumbai and London as our two main markets.”
“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 and Mount Street is a great opportunity for our company,” Abhishek Lodha, Managing Director of Lodha Group, said.
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 US and subsequently, as the High Commission for Canada.
Lodha was advised by the London office of Knight Frank on this acquisition.
Lodha has been active in buying land assets over the past few years and as highlighted by VCCircle has been the biggest real estate buyer in the country.
Last year, it bought the US Consulate’s Washington House in South Mumbai for Rs 341.82 crore. The group is currently developing over 35 million sq ft in prime areas such as Napean Sea Road, Prabhadevi and Walkeshwar.
(Edited by Joby Puthuparampil Johnson)