Lodha to exit UK property market, sell 2 London projects
New Delhi: Realty major Lodha Developers will exit the UK property market and is in advanced stage to sell two of its residential projects in central London for about Rs 4,200 crore, a top company official said Wednesday. Exiting the UK property market, is part of the company's strategy to reduce debt and strengthen its balance sheet.
Lodha Developers, which aims to launch IPO when market condition improves, is also looking to raise about Rs 700 crore by selling stake in a mid-income housing project in Mumbai to private equity players, taking the total fund raising to nearly Rs 5,000 crore. Mumbai-based company had forayed into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London from the Canadian government for over GBP 300 million (Rs 3,100 crore).
The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014. "We are in advance stage of selling our equity interest in UK assets," said Lodha Developers' MD Abhishek Lodha.