Lodha Developers have bought London’s MacDonald House that houses the Canadian High Commission for Rs 3,200 crore.
The 150,000 square feet MacDonald House is the headquarters of the Canadian High Commission in Mayfair area and it is near the Grosvenor Square which is one of the prime properties is London.
The payment for the House had been made already. The entire amount of Rs 3,200 crore is said to have been paid via internal accruals. There has not been any debt which has been taken for this deal and so it is internal accrual which has been used to shop in London.
In the past one year alone we have seen around 20 diplomatic houses or buildings being sold or on the verge of it, in the London area. This is primarily because of the property prices present there and this deal done by Lodha has already been done in the sense that term sheet has been signed and the payments have been made. It is now a done deal and the company is expected to come out with an announcement tomorrow.
When contacted, the Canadian High Commission and Lodha Developers refused to comment but it is likely that a press conference will be held in the first half of the day tomorrow.
Watch videos to see what Sanjay Dutt, executive managing director, Cushman Wakefield and Sanjay Suri, correspondent, CNN-IBN feel about this deal.