Lodha UK secures £517m loan for residential development in London

WCN Editorial Team 17 Oct 2017 EUROPE BUILDINGS

Lodha UK has obtained £517m in whole loan from M&G Investments for the development of its flagship scheme at No. 1 Grosvenor Square in central London.

The entire funding will be invested and held by the funds managed at M&G.

No. 1 Grosvenor Square, which is scheduled to be completed in December 2019, will offer 48 residential units with on-site leisure amenities.

The residential development has been designed by the interior design firm Yabu Pushelberg.

M&G Investments director of real estate finance Dan Riches said: “We have worked extremely closely with Lodha over the past 12 months to ensure the delivery of the development of this historic site in central London.

“Lodha has proven to be a highly capable counterpart with deep understanding of this market and has assembled a top tier project team for the development of No. 1 Grosvenor Square.

“M&G’s direct origination model gives our institutional investors direct access to prime real estate such as No. 1 Grosvenor Square. Our unique ability to invest and hold large loans on the most complex of transactions has proven extremely attractive to borrowers and provides us with more opportunities to create value for our investors.”

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