MUMBAI: Indiabulls Real Estate has bought an upmarket building in the city’s Mayfair area in London for Rs 1,550 crore. The company plans to steadily build a portfolio of projects in London, said Gagan Banga, Managing Director and Chief Executive of Indiabulls Housing Finance Ltd. The Mumbai-based developer bought 22, Hanover Square, a 87,444 sq ft property from Scottish Widows Investment Partnership, now part of global investment management group Aberdeen Asset Management Plc.
The acquisition cost is at an estimated Rs 1.65 lakh per sq ft. The building was put up for sale in April. Property consultants H2SO, now part of Colliers International, advised Scottish Widows on the transaction. In February, rival Mumbai builder Lodha Developers bought a prime London property at £90 million from West End of London Property Unit Trust. Earlier, it had made another big-ticket London property purchase for Rs.3,000 crore.
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