Sobha Group to set up residential projects in London

MUMBAI: Sobha Europe is looking to build residential projects in central London and has identified six redevelopment projects in the city for this, Raj Chinai, MD, Sobha Group told ET.

Sobha Europe is a joint venture between Sobha LLC and a UK-based group.

Sobha LLC, which is owned by PNC Menon Chairman Emeritus and founder of Sobha Ltd, has operations in Dubai and now plans to expand its footprint in central London. Sobha LLC and Shobha Ltd are two different entities and have no connection with regards to business operations.

The group currently has two projects in Dubai--District One, a premium luxury development and Sobha Hartland mixed-use freehold development. It is also planning to expand operations in other parts of United Arab Emirates (UAE).

The company expects to generate $2 billion worth annual revenues after the next five years from its real estate businesses in London and Dubai, Chinai said.