WELPUT sells prime property at New Court on Carey Street in London confirm to Lodha Group

WELPUT sells prime property at New Court on Carey Street in London confirm to Lodha Group

Owners of a prime residential site in the heart of London have confirmed its sale to Mumbai's Lodha Group.

The West End of London Property Unit Trust ( WELPUT) has sold New Court on Carey Street in central London to the Mumbai firm, its second major acquisition in the city after it bought Macdonald House last November.

WELPUT managed by Schroders and advised by Grafton Advisors, part of the Quintain Group, has unconditionally exchanged contracts to sell its freehold interest in New Court, Carey Street, to Lodha Group. The terms of the transaction are confidential.

The 1.15-acre property near iconic buildings like the London School of Economics and the Royal Courts of Justice is estimated to have been sold for around 90 million pounds and will be converted into luxury apartments by its new Indian owners.

Earlier, Macdonald House, which previously housed the Canadian High Commission, had been sold to Lodha group for an estimated 306 million pounds.


It is to be converted into super-luxury homes as well. The Lodha Group is among a number of foreign developers making the most of the London property boom.

Related:

Lodha Group buys MacDonald House from Canadian Government in Central London

www.lodhagroup.com

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Lodha Group looking to buy more properties in London after picking up MacDonald House from Canadian Government in Central London

Lodha Group looking to buy more properties in London after picking up MacDonald House from Canadian Government in Central London

Realty developer Lodha Group is looking at buying more properties in central London after picking up MacDonald House from the Canadian Government in the city for over 300 million pounds or Rs 3,000 crore.

It plans to focus on Mumbai and London as our their main markets and are looking at buying more properties in central London particularly residential and commercial ones, not hotel assets.

The company has already picked up an office spread over 1,000 sq ft at Eaton Square in London to house its UK business' office.

Lodha Group is the first Indian developer to acquire a ready property overseas for a realty project development, while there are few that have already executed project in foreign countries on acquired land parcels.

The company has made initial payment of Rs 300 crore and while the company is hoping to pay balance by January end.

The developer is planning to fund the transaction through internal accruals and is not looking to raise debt or induct a private equity player at this time.


The company is aiming to launch the London project in 6-9 months and is hopeful of fetching 20% internal rate of return over the next 4-5 years. 

www.lodhagroup.com

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