Lodha concludes sales of London projects, exits UK investments completely
Lodha, listed as Macrotech Developers, has concluded the sale of its projects in London and with this has exited its investments in the United Kingdom completely.
The company, based on the sales trajectory, had earlier guided the projects will be fully sold out ahead of the business plan target of the fourth quarter of the financial year 2023-24.
“…the company has completed realisation of entire balance as per earlier guidance from UK Investments. The last tranche of this realisation happened on December 13, 2023, and post that the company has exited from foreign market by disposing off its entire equity and other securities investments held in entities in relation to UK Investments,” Macrotech Developers said in a regulatory filing.
Lodha had also announced earlier that it is planning to repatriate all its investments made into luxury residential projects in London and revenue generated from both these super-premium projects, after repaying these projects' debt.
The developer had invested 306 million pounds or Rs 3,120 crore to acquire MacDonald House, Central London in 2013 and had acquired second property New Court next to the London School of Economics and the Royal Courts of Justice on Carey Street for 90 million pounds or Rs 930 crore in 2014.
The company has redeveloped both MacDonald House and New Court into luxury residential properties namely 1 Grosvenor Square and Lincoln Square, respectively.
