Owners of prime property in London confirm sale to Lodha Group

LONDON: 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," a spokesperson for Schroders confirmed.

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.

Macdonald House, which previously housed the Canadian High Commission, had been sold to the 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.