Friday, 20 June 2014
Indiabulls buys landmark building in London’s Mayfair for £155mln (UK)
The leading Indian real estate developer, Indiabulls Real Estate Ltd has bought one of the best-known and most iconic buildings in London's Mayfair for £155 mln (approx. €194,16 mln).
The 87,444 ft² 22 Hanover Square has been purchased from Scottish Widows Investment Partnership (SWIP), now part of Aberdeen Asset Management, who put the building up for sale in April through H2SO.
Sameer Gehlaut, Chairman, Indiabulls Group commented: “The building’s location in prime Mayfair adjoining Bond Street is truly exceptional and Hanover Square will become arguably London's 'best connected' square when the new Bond Street Crossrail station opens in 2018. The building has huge potential for redevelopment."
H2SO’s John Olney commented: "Freehold assets of this quality and scale are rare in Mayfair, and there was a very high level of investor interest in the building. Four parties were selected from the first round of bidding to participate in the final round. Indiabulls Real Estate emerged as the highest bidder in a closely contested bid process.”
Indiabulls Real Estate is part of £ 2 bln Indiabulls Group and one of the largest real estate companies in India with development projects spread across high-end offices, commercial complexes and premium residential developments with over 24 mln ft² of projects under construction.
H2SO-which has recently become part of Colliers International-advised SWIP on the sale.